Need Help?
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.
Common questions relating to Bath Building Society consent to lease
- Am I required to inform Bath Building Society of my intention to rent a room out to a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you shed any light on this? I am taking independent advice on the insurance, legal and tax implications.
- I understand that this is a contravention of Bath Building Society terms and conditions of mortgage if I lease out my house having informed that I intend to live there. The hope is to repay the mortgage after four years, by which time I will become the outright owner, meaning I no longer require any consent to let. Bath Building Society advised me I can overpay as little as I like during the lifetime of the mortgage. I know someone who wants to rent the property. What is the likelihood of Bath Building Society discovering that I am not residing at the address? What are the consequences of not seeking consent to let? From what I have read there is a possibility of Bath Building Society levying a penalty
- I acquired a two bedroom first floor purpose built maisonette in Sutton one year ago and have a two year fixed rate mortgage with Bath Building Society. Looking to move in with my fiance within the next six months and would like to lease out my property. Just want to know the process.
- Just a quick question as a bit in the dark and wondering if Bath Building Society conduct any checks when seeking a residential mortgage, I'm preferably looking to rent the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I lease the house out?
- I am seeking from Bath Building Society consent to let out my house in Croydon. I am planning to live with my mother as I am off work due to illness.
- Do you know if Bath Building Society would have an internal record as to whether consent to let was granted for a specific property?
- I would like to rent out my house for three years at most. I would like to know if I could have a consent to let by my current mortgage lender Bath Building Society?
- My mortgage has been with Bath Building Society for eight years. I would like to apply for consent to let my flat. I have been waiting for a response from Bath Building Society. Are you able to please check and help?
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Information to consider in conjunction with 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
One thing to remember when arranging a consent to let mortgage with Bath Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bath Building Society your property may be repossessed