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Need professional advice for your consent to let with Bradford & Bingley plc? 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 Bradford & Bingley consent to lease
- Eight months ago my bank (not Bradford & Bingley) provided me with consent to let. The condition was that every 6 months they would add a fee of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. This may be no more than a basic computer error but I am nervous that it would also mean I no longer have Consent to Let.
- I have been offered an excellent career opportunity for eight months overseas. I have enough money to meet the monthly Bradford & Bingley mortgage yet the block insurance stipulates continuous residency in order to be valid. Last Christmas the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would struggle to afford remedial works. How likely is it that I will get consent to let from Bradford & Bingley for a limited period?
- The plan is to move in with my partner and I have let my property out to two students on a twelve month tenancy. The application for consent to let from Bradford & Bingley is in hand but what if they decline. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the other hand Bradford & Bingley could sue me for breach of mortgage condition i.e. letting it out without consent to let.
- For a couple of years now I have had a mortgage with a friend on our apartment which is up for renewal 12th December. I am having to move to Birmingham with work in this summer. What are the chances of being able to transfer for a consent to let mortgage with Bradford & Bingley?
- My fixed rate loan with Bradford & Bingley ends in June and have to relocate for work then. What are the chances that I will be able to both refinance and get consent to let?
- I would be interested to know what information I should include in a letter asking for consent to let my property in Newham? I would like to send a request to my mortgage provider Bradford & Bingley.
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Bradford & Bingley. Will any consideration be given to the fact that I only drew down on the mortgage two months ago?
- I want to get consent to let from Bradford & Bingley for two years until I hope to switch to a buy to let. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Bradford & Bingley consent to let information
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
One thing to remember when arranging a consent to let mortgage with Bradford & Bingley 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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bradford & Bingley