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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.
Top Five Questions relating to Coutts & Co consent to lease
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A friend of mine suggested that this winter I rent out my flat and make money from it while I am on vacation. It’s only for four weeks. Do I need consent to let from Coutts & Co?
- I have a shared ownership home in Newham and will be looking to buy out the rest of the property. However, in the future I may be working overseas for a short period of time so would like to know what approach Coutts & Co 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 in the meantime can you provide further information on their consent to let requirements?
- I have recently been provided with a career opportunity 250 miles from home and wondering if it's a good idea renting my house out. Will Coutts & Co allow me to switch mortgage or give me consent to let? Should it not be available I will have to consider if I should accept the promotion. I have no objection to paying more as it is likely that I will come back and live in my home after twenty four months. My agenda here is not to profit. Just love my property and want to return to it one day.
- Following retirement in 2014 I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have therefore applied to Coutts & Co for consent to let. Do you think this is likely to be granted?
- I’m about to finish the fixed rate period of my three year fix with Coutts & Co and switch on to the current variable rate. I would like to know if consent to let by Coutts & Co is possible, if there are cost, and if there conditions?
- Just wondering if I would be able to get consent to let from Coutts & Co enabling me to move back to my mother and father for a year or two and save the money to extend the lease on my property?
- I have a mortgage with Coutts & Co on a two year fixed rate. I may have chance of a teaching job in Belgium next year. Would I qualify for consent to let by Coutts & Co if I took this opportunity overseas?
- I have a mortgage with Coutts & Co taken 3 months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Coutts & Co as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Coutts & Co 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
Where 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 may result in 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co