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Need professional advice for your consent to let with Bath Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Bath Building Society consent to lease
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We just received consent to let from Bath Building Society. After some effort, Bath Building Society have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- My premises valued at £95k. Outstanding mortgage £20k with 5 years left. Seek consent to let from Bath Building Society for current apartment and utilise income to pay off what is left of mortgage. Take out 70 % Bath Building Society loan on second premises that becomes my primary address? Any reason I cant do this?
- My flat has a mortgage against it with Bath Building Society and I have been letting out the property minus consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. They may have suspicions that I am not residing there. What are the legal implications of my actions?
- I have just been presented with a once in a lifetime career opportunity for eight months abroad. I do have sufficient savings to meet the monthly Bath Building Society mortgage however the buildings insurance stipulates that the property must be occupied in order to remain valid. Last December the roof suffered storm damage but was repaired. If there happened to be any problems during the winter months I would find it hard to cover the remedial works. How likely is it that I will get consent to let via Bath Building Society for a limited period?
- How much is it to get a consent to let from Bath Building Society on my residential property. Recently I have moved in with my husband and have a family member wanting to let out the property.
- My wife and I want to move home and have found a house we wish to purchase so are considering leasing out with consent to let from Bath Building Society for our original property to allow us to make an offer and not lose the potential new house.
- Do you know if I can retain my current domestic mortgage with Bath Building Society if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- I recently bought a one bedroom apartment in Harrow. I am a FTB. I am moving Paris next month, can I get consent to let from my lender Bath Building Society or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Bath Building Society 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 may result in 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
Leasehold properties
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 terms are not adhered to you may be in breach of the lease. This could trigger 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 Bath Building Society your property may be repossessed