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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.
Questions and Answers: Coutts & Co consent to let
- I am wanting to email my lender Coutts & Co justifying the following reasoning for my request for consent to let ; "I am having difficulties with the mortgage and want to move to a smaller place but can't sell. I am very concerned by failing to make payments and have considered handing back the property to you. If I had consent to let that may solve things." Is this likely to convince them to grant me consent to let?
- Following retirement in 2014 I acquired a “retirement home” for my wife and myself to live in. We would like to let our current property to our son and I have consequently asked Coutts & Co for consent to let. What are the chances of this being granted?
- How long after taking out a new mortgage do I have to wait before I can seek consent to let from Coutts & Co? By way of history I bought my property in Lambeth 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and now we are looking at moving in to his place. I intend to get a better fixed term next June. I presume that I would have to wait at least 6 months before I could seek consent to let. Is that correct?
- Just a quick question as a bit in the dark and wondering if Coutts & Co conduct any checks when applying for a residential mortgage, I'm ideally looking to rent the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I let the place out?
- I am interested in discovering more about the Coutts & Co consent to let process and conditions for granting.
- Morning? I am just curious whether Coutts & Co offer consent to let as an option should I decided to lease out my home under a domestic mortgage. Is there a specific rule for right to buy property and consent to let?
- We have a consent to let letter that I have obtained from my management company. I would think I need to attaching this with a letter to Coutts & Co with a view to securing consent to let from them. What address shall I forward it to?
- Do you know whether there a time limit on a consent to let from Coutts & Co? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
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 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co