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Need professional advice for your consent to let with Coutts? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Common questions relating to Coutts & Co consent to lease
- My granddaughter is going to work abroad for twelve months and wants to rent her property out. She has a Coutts & Co fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I have been reckless in failing to inform Coutts & Co that I’m leasing my studio flat out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m afraid that my insurer will contact Coutts & Co, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Meeting with my IFA on Tuesday. I will seek Consent to Let from my current lender Coutts & Co. My new property in Westminster will be 75% loan to value. I have been told by a friend that some lenders dont want consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- I have a prevailing Coutts & Co mortgage on a property for the last ten years. Fast forward and I have got married and live in my husband’s home. As of today the property is unoccupied and we either need to sell or have someone rent. Chances are that this will not be a short term agreement as I can't see us move back in. What should I tell Coutts & Co with a view to obtaining consent to let?
- Interested to know if I would be able to get consent to let from Coutts & Co enabling me to move back to my mother and father for 12 months and save the money on the lease extension for my property?
- Would I be able to remortgage to Coutts & Co from my existing lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I have a house in Harrow. I would like remortgage with Coutts & Co and seek consent to let. I'm still inside the Early Redemption Charge period so not sure if it would trigger the penalty payment?
- I have a mortgage with Coutts & Co taken four months ago where I moved from another lender. Can I now rent my property with consent to let from Coutts & Co as I am looking to purchase another property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Coutts & Co consent to let Questions and Answers
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Coutts & Co is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Coutts & Co your property may be repossessed