Need professional advice for your consent to let with Barclays Bank as The Woolwich? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I am about to join the property ladder hoping to complete on a detached house in Barclays - Woolwich. I have a 50% deposit will be getting a mortgage from Barclays - Woolwich. My concern is that my fiancee has a flat in London and I can foresee myself moving in next month, at which point I would want to let out my house. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
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.
Where 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 may trigger your insurance becoming null and void. 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
Should the tenure of your property be 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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to inform 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.