Need Help?
Need professional advice for your consent to let with Coutts? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Coutts & Co consent to let
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My wife and I have a Coutts & Co mortgage and are are up to date with payments, both employed etc. Do you know how much it will cost and if Coutts & Co usually grant consent to let without porting the loan to a commercial rate?
- We are applying for a home loan with Coutts & Co, but we hit a brick wall. My husband is a teacher in a boarding school, and as such living quarters is a perk of the job. We wish to buy a garden flat with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought Coutts & Co would grant consent to let from the outset of the loan. It transpires that I may be refused consent to let. Can you give me any ideas what we can do?
- I have a maisonette in Havering let out which has a 62 year lease. Mortgage adviser said I should remortgage (currently with Coutts & Co) as a buy to let instead of consent to let and release 45-55k which on top of a new homeloan based on my income would give me a budget of £200k. Not much about in Lambeth for me to buy my own house. To extend the lease will be in region of 13k. Should I keep or sell the flat?
- Me and my husband are the registered owners of a property in Manchester and will be moving to Amersham at the end of February. I have a letting agency and tenant lined up. I was proposing to leave everything as it stands as I'm worried Coutts & Co will insist that I change my mortgage rate for buy to let and am unable to afford that. I appreciate that it would be preferable to get a consent to let via Coutts & Co but am afraid if I come clean it would result in a whole host of issues
- I am deliberating on renting my apartment will Coutts & Co charge me for a consent to let letter?
- I don't currently have consent to let by Coutts & Co but I would like to apply, An opportunity has arisen which might involve me working away for a couple of years. But want to keep my home for my return - are you able to help?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Coutts & Co. My property is worth approx £185k and owe £85k on it. Do you think Coutts & Co increase my interest rate?
- I am looking at some alternative lifestyle. I have a Coutts & Co mortgage, if I become a US resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on via email ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Coutts & Co consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in violation 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co