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.
Coutts & Co Consent to Lease Example Support Desk Enquires
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I plan to ask Coutts & Co for consent to let out my property in Coutts & Co. However I currently have the property for sale but there is no interest and forking out for a full mortgage, council tax and insurance on vacant house is exhausting my finances. What position would Coutts & Co take if I have the house on the market?
- In August 2013 I was issued consent to let from my existing lender which is about to come to an end. I have since been traveling and had my first child. My part time salary is not sufficient just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am thinking about is remortgaging to Coutts & Co. Are they likely to issue consent to let from commencement of the mortgage?
- I would like the consent to let forms for Coutts & Co please I am unable to find it on the web.
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Coutts & Co. Can you assist us?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Coutts & Co? Are you able to help?
- My Coutts & Co mortgage fixed rate expires in June and have to move with work soon after. Will I be able to both remortgage and gain consent to let?
- I would like to find out what information I should include in a letter seeking consent to let my property in Harrow? I would like to send a request to my mortgage provider Coutts & Co.
- My wife and I may need to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell Coutts & Co or it is wise to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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 could 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
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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Coutts & Co your property may be repossessed