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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.
Frequently asked questions relating to Bradford & Bingley consent to lease
- Last month I received consent to let on a residential mortgage with Bradford & Bingley with a view to switching to a BTL rate when the fixed rate expires within the four months, so I'm uncertain if this adds to the complexity of the issue! Any advice gladly appreciated.
- For two years now I have been with Bradford & Bingley and have just renewed a fixed rate. The LTV is in the region of 30%. We now need to move into my elderly mother-in-law's flat to care for her, it would make sense to let our house out - do I require consent to let from Bradford & Bingley and is it likely to be granted?
- We are planning to utilise equity in my present house to acquire an additional property which I propose to live in whilst I refurbish. My preference is to rent my first property with the Bradford & Bingley loan. I was just seeking a general view on whether Bradford & Bingley currently allows consent to let? House is worth £450 k with a £200k mortgage in place.
- Just wondering whether Bradford & Bingley conduct any checks when applying for a homeowner mortgage, I'm preferably looking to lease the property out and am in two minds as to whether I should apply for consent to let. How likely are they to find out if I let the house out?
- How easy is it to obtain a consent to let from Bradford & Bingley and what will it cost me? If I want to let out my property for a couple of months how simple is it to fluctuate between a residential mortgage and consent to let?
- I was just enquiring if Bradford & Bingley were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I have a domestic mortgage with Bradford & Bingley which is only eight weeks long but I have been moved abroad with work. How easy is it to obtain consent to let from Bradford & Bingley for a mortgage that has only recently started and I have just bought the property?
- We have four months to left on a 2 year residential mortgage with Bradford & Bingley but now let the flat out. Can I assume they will simply charge a flat fee for consent to let?
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Information to consider in in addition to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is 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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 Bradford & Bingley your property may be repossessed