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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.
Bradford & Bingley Consent to Lease Example Support Desk Enquires
- Hello, I have a mortgage on a flat with Bradford & Bingley and I am thinking about renting the property out. Could this be done without changing to a buy to let or getting consent to let from Bradford & Bingley?
- I have a studio flat in Barnet let out which has a fifty year lease. Mortgage broker suggested I should refinance (currently with Bradford & Bingley) as a buy to let instead of consent to let and release 45-55k which on top of a new mortgage based on income multiples would give me a budget of £210k. Limited available in Croydon for me to get my own place. A lease extension will cost 21k. Lease out with consent to let or sell the flat?
- I have been reckless in failing to notify Bradford & Bingley that I’m renting my flat out. Ideally I would like to do the right thing with as little consequence as possible. If Bradford & Bingley says yes, how would you rate the chances of them finding out that I’ve already been renting it without consent?
- I want a bit of initial advice to consider if consent to let is a viable option. I bought my flat nine months ago by porting an existing Bradford & Bingley mortgage product. My fixed rate ran out three months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Bradford & Bingley, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to switch to a buy to let mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a feasible option for myself and 2) I need to raise extra capital to meet the 65% LTV ratio required for a BTL loan. It would be preferable to get a consent to let from Bradford & Bingley for 1-2 years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- Just curious as to whether it is possible if you own one property with consent to let from Bradford & Bingley, to purchase a second with a residential mortgage to live in. Then once the consent expires on the first property, to switch to buy to let or sell it?
- I am require from Bradford & Bingley consent to let out my home in Newham. I am planning to move in with my mother as I am off work due to illness.
- My daughter has a mortgage with Bradford & Bingley and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the process and cost involved?
- I would like to let my home for 3 years max. How do I go about getting consent to let from Bradford & Bingley who I have a mortgage with?
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Information to consider in further to the above Bradford & Bingley consent to let Advice
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 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 regular 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 conditions are not complied with you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bradford & Bingley your property may be repossessed