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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
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We have a Bradford & Bingley mortgage and are are up to date with payments, in gainful employment etc. Do you know how much it will cost and if Bradford & Bingley usually grant consent to let without transferring to a new mortgage product?
- I am a FTB in the process of trying to buy a flat. However I am potentially also going to be moving abroad in the near future. I have told this to my mortgage broker who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Bradford & Bingley. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Bradford & Bingley. Does that sound like the right advice?
- What is the maximum period of time allowable to Bradford & Bingley that I would be able to let my property before being required to change mortgage or sell my house? In short, my boyfriend would like me to move in with him and I really don't want to sell my house. I would like the comfort of knowing I still have my own property.
- I'm one year into a two year fixed mortgage with Bradford & Bingley. The LTV is only 40%. I've found a really good deal on a one bed flat in Camden which I don't want to miss. It appears that the only way to purchase the other property is to release most of the remaining equity. I would let the current property which would adequately cover the mortgage with Bradford & Bingley. Is it possible to obtain consent to let from Bradford & Bingley and ask for additional borrowing after it's let out?
- I took a residential mortgage with Bradford & Bingley and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- Hello, what documents or paperwork would Bradford & Bingley require for a consent to let letter?
- I am looking to Bradford & Bingley to issue me with consent to let out my home in Islington. I am travelling for a year
- I was just wondering 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?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Bradford & Bingley consent to let Questions and Answers
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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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