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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.
Sample questions relating to Co operative Bank consent to let
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I am about to join the property ladder interested in a 2 bedroom house in Co operative Bank. I have a significant deposit with a mortgage from Co operative Bank. My predicament is that my partner has a flat in Dover and I hope to be moving in next year, when I would have to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Can you offer any advice?
- I have a Co operative Bank mortgage on an apartment I own, in Newham. This year, due to a change in personal circumstances I decided to let out the apartment, and rent a house in a different area within same loc. The state of affairs that altered is that my partner moved in, and the flat is not large enough for us. I do not want to try to sell the flat because the current market value is significantly lower than the market value when I bought the property ten years ago. I wrote to Co operative Bank for a consent to let which was turned down as they considered that my intention was to invest in the flat. The whole process was very stressful and frustrating. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and could withdraw.Yours sincerely
- A few months ago I rented out my ground floor flat having obtained Consent to Let with my mortgage company. Six months have now gone by and they have loaded my interest rate as forewarned. I am unable to switch to a preferable product with them, as they will revoke my consent to let. Were I to go with another mortgage company for example Co operative Bank, would I be required to apply for a BTL mortgage or could I simply refinance and gain consent to let?
- I would like to rent out my current house and want to buy a bigger house for the family. I have a fixed rate mortgage with Co operative Bank. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after two years with another lender? What connotations does that have aside from the higher rates - would I need a higher equity portion in the property too ie lower loan to value?
- How much is it to get a consent to let from Co operative Bank on my residential property. I've moved in with my wife and have a colleague renting from me.
- I am trying to investigate if it is possible to get a consent to let mortgage with Co operative Bank rather than a buy to let mortgage
- Do you know whether there a time limit on a consent to let from Co operative Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- About to remortgage my house but will likely be moving out in the next year and would be looking to lease it out. Do Co operative Bank give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Co operative Bank consent to let Info
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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