Need Help?
Need professional advice for your consent to let with Co operative Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Co operative Bank consent to lease
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Have any of your clients had experience asking for Consent to Leaseforfor less than a year from Co operative Bank or if you have any tops as to how such approval is given.
- I have been granted consent to let via Co operative Bank for a while now yet they now wish to speak to me and I expect their motive is to get rid of me. Are you able to assist?
- I have just come off the phone to Co operative Bank and they tell me that it has come to their attention that I am letting out the garden flat despite having a resi mortgage. I moved out a couple of years ago for childcare reasons, couldn't sell and so had little option but to let out the property. Are you able to advise me on the ramifications may be for me not procuring consent to let?
- I have just been presented with a once in a lifetime career opportunity for eight months in New York. I do have sufficient savings to meet the monthly Co operative Bank mortgage however the block insurance requires that the property must be occupied in order to be valid. Last winter the roof suffered storm damage but was repaired. If there happened to be any problems through the winter months I would struggle to afford remedial works. How likely is it that I will get consent to let from Co operative Bank for the time I am overseas?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Co operative Bank? Are you able to help?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a 6 month thing before consent to let - does this apply to all lenders. Is there any way Co operative Bank would grant consent to let at the outset?
- I currently have my mortgage with Co operative Bank and have been for the past twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- We've spoken to someone at Co operative Bank about changing our existing mortgage to consent to let (the existing 2 year fix expires in june 2016). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Co operative Bank? Where do I need to post it to?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Co operative Bank 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
One thing to remember when arranging a consent to let mortgage with Co operative 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 standard 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed