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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.
Coutts & Co Consent to Lease Example Support Desk Enquires
- What information do Coutts & Co expect to have to make a decision on consent to let. I am on a five year fix with them. I have a good track record of mortgage payments over several years. I am planning a move to the countryside due to the family getting bigger. I will be sticking with my current job and my salary has increased by 20% since I took the mortgage out.
- I have a home loan with Coutts & Co on a property and I am intending to rent it out and rent another house as a result of changes in personal circumstances - I want to move to a new area, and to live in a bigger property with my fiance. I applied for consent to let and just got reply with a refusal as they felt I want to invest. I dont know what to do next. I find myself at risk since I am already committed to the new home and would have to pay both the Coutts & Co mortgage and rent payments, which could expose me financially. The matter needs to be resolved soon because a prospective tenant waiting on the sidelines
- Is it the case that the letting agents we rented through have a duty of care to have ensured that the landlord obtained consent to let from Coutts & Co?
- My husband and I wish to be informed of what the criteria is for Coutts & Co for consent to let. I have come across different suggestions in relation to fees and rates. I need to move area for career reasons but I don't want to sell the property due to a difficult market.
- I will have to move to Miami for a couple of years, I have a property with a Coutts & Co mortgage. Do I need to obtain consent to let? Will they be accommodating?
- I want to take in in a lodger for my three bedroom first floor purpose built flat in Ealing which I live in. My mortgage is with Coutts & Co. Will they grant consent to let?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Coutts & Co. My property is worth approx £200k and owe £85k on it. Will Coutts & Co increase my mortgage rate?
- Please could you confirm what the process would be if we bought a new property and need to obtain consent to let for our existing mortgage with Coutts & Co
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Coutts & Co consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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