Need professional advice for your consent to let with Tipton Coseley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Just wondered if Tipton Coseley Building Society activate a right to increase interest rates on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL products'?
Is it possible to remortgage on a consent to lease with Tipton Coseley Building Society?
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.
One thing to remember when arranging a consent to let mortgage with Tipton Coseley Building Society 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.