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Need professional advice for your consent to let with Bradford & Bingley Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Bradford & Bingley consent to lease
- I bought an apartment a year ago with a Bradford & Bingley loan but would like to sublet the property. I have got parking issues there. Will Bradford & Bingley issue consent to let?
- I have an existing mortgage with Bradford & Bingley. Can you point me to where I can download the consent to let submission forms from, as we have commenced letting the flat?
- I have been leasing my flat to a tenant for a few years but not on a BTL mortgage as I thought that you only needed a BTL if you had more than one mortgage. In trying to purchase a second property, I discovered that I should have had consent to let at the outset from my lender Bradford & Bingley. I'm curious as to whether I can now ask Bradford & Bingley for a consent to let?
- Is it right that lenders (I have a mortgage with Bradford & Bingley) have changed tune and are now taking a more accommodating approach towards consent to let? A mortgage adviser recently mentioned to me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. So if I switch from a homeowner to a Buy to let I am moving to a regulated product. His belief was that under the current regulation lenders are reluctant to allow borrowers do this, which may explain why some lenders will let customers have consent to let but not swap to a BTL mortgage. Is he plausible?
- I'd like to know if Bradford & Bingley are likely to grant consent to let out our flat in Enfield
- We are soon to switch lender to Bradford & Bingley for a fixed rate but the likelihood is that I will need to rent the flat out for about 12 months. Do Bradford & Bingley consent to let on fixed rate home loans and if so, what are the procedures.
- I have just recently bought my flat and took out a mortgage with Bradford & Bingley but my boyfriend has asked me to move in with him. Would I be granted consent to let?
- Soon to remortgage my house but I will potentially moving out in the near future and would be looking to rent it out. Do you think I can get buy to let or consent to let from Bradford & Bingley?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Bradford & Bingley consent to let Info
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
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 notify them could 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
Leasehold properties
If your property is 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 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 commencing legal proceedings 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