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Need professional advice for your consent to let with Clydesdale Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Clydesdale Bank consent to let
- Just looking for some information, I have a mortgage on a flat with Clydesdale Bank and I am pondering on the idea of renting the property out. Could this be done without switching to a BTL or getting consent to let from Clydesdale Bank?
- I have a shared ownership home in Ealing and will be looking to buy out the rest of the property. However, in the future I may be working in Kenya for a short period of time so would like to know what approach Clydesdale Bank take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but as an aside can you provide further advice on their consent to let policy?
- We are are looking to join the property ladder, presently renting. We want to buy a maisonette in Hillingdon. We want to move there, but will need to wait for a job - perhaps 2-3 years. Do we have to get a B2L mortgage? Could we take a residential mortgage with Clydesdale Bank, even though we won't be moving in straight away? Alternatively could we live there for half a year, then start renting it with consent to let from Clydesdale Bank? I'm only willing to consider options that are completely legitimate, and wouldn't breach the provisions of the mortgage with Clydesdale Bank.
- I own a 2 bedroom leasehold flat via a Clydesdale Bank mortgage and have a lodger sharing with me. I am about to relocate to Greenwich and will look for a property to rent. My lodger doesn't want to move out so has agreed to pay a higher rent. Do I have to get consent to let from Clydesdale Bank?
- My fiance and I have already been told to write a letter to Clydesdale Bank to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- We have a letter to Clydesdale Bank requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- I wish to let out the attic in my apartment in Lewisham. Do I require consent to let from my mortgage provider Clydesdale Bank?
- I am currently remortgaging and looking at flexibility of certain mortgage providers when it comes to consent to let. Clydesdale Bank is one of the lenders I am thinking of going with. How accommodating are they when it comes to consent to let?
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Important warnings to consider in further to the above Clydesdale Bank 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 Clydesdale Bank 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
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 conditions are not complied with you may be in breach of your covenants under 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 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 Clydesdale Bank your property may be repossessed