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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 let: Q and A’s
- If I was to rent out my studio flat with consent to let with Coutts & Co, what proof would be required of tenancy? If after twelve months I decided to let it on a series of short term rental, am I still required to supply evidence to Coutts & Co, or will they leave me alone provided i keep up with the payments? By way of example if I rent the rooms out separately at some point in the future, is there any reason for Coutts & Co to be informed and would they care?
- I have recently let out my studio flat and have gained a Consent to Let with my MP. 6 months have now elapsed and they have increased my repayment percentage as forewarned. I cannot transfer to a more favourable product with them, as they will remove my consent to let. If I was to go with an alternative provider such as Coutts & Co, would I need to obtain a BTL loan or could I simply remortgage and secure consent to let?
- How long must you live in a property before consent to let with Coutts & Co would be forthcoming? I bought my house with a Coutts & Co mortgage sixmonths ago.
- I am planning on acquiring a property, letting a couple of the rooms out to help cover the mortgage with Coutts & Co, and then moving on in a few years time - when the property would be fully let. Is it likely that Coutts & Co would frown upon this as I will have been given a normal mortgage rather than a B2L or consent to let? I've heard that the worst possible outcome is that they can repossess the property, is this an exaggeration?
- I took a domestic mortgage with Coutts & Co and with my circumstances changing significantly in the last four months, can I obtain consent to let. What changes will affect me?
- Would a prior extension to a mortgage term with Coutts & Co work against us when we sought consent to let from Coutts & Co.
- I may be looking to let out my property and wondered what I would need to do to negotiate consent to let by Coutts & Co. There is a possibility that I might be moving abroad for nine months.
- Will Coutts & Co give consent to let my house? I currently have a residential mortgage, never been in arrears and have been with Coutts & Co for about six years now. What charges am I likely to face
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General Advice to read in conjunction with the above Coutts & Co consent to let Questions and Answers
Tax and Legal
There may be various 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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 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
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