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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.
Frequently asked questions relating to Co operative Bank consent to lease
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My fiance and I may need to rent out our Merton home temporarily due to a career opportunity. This will be temporary but perhaps for 4 years. Do I inform Co operative Bank or should I not rock the boat?
- My husband and I are intending to purchase a ground floor flat with ten per cent deposit with the intention of moving in. Somewhat fortuitously the in-laws are arranging to move abroad Should we go ahead with a residential mortgage with Co operative Bank would there be any difficulties with gaining consent to let ?
- Can you please inform me what fees Co operative Bank levy for consent to let out a room in my maisonette? Any answers are gratefully received.
- A friend of mine recently sought CTL from the Woolwich which they declined because the mortgage had not been going for six months. I am about to ask for consent to let from Co operative Bank. Do they adopt the same rule?
- What do the Co operative Bank terms and conditions for consent to lease look like?
- I am thinking about moving in with my girlfriend but do not want to to sell my property. What is the process for applying for consent to let from Co operative Bank, and how likely is it that this will be obtained?
- I have a mortgage with Co operative Bank taken three months back where I moved from another lender. Can I now rent my property with consent to let from Co operative Bank as I am looking to purchase another property.
- I have a mortgage with Co operative Bank. I am thinking of moving out and leasing out my house. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Co operative Bank 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
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 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 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 taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed