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Need professional advice for your consent to let with Bank of Cyprus UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Bank of Cyprus UK consent to let: Q and A’s
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Exciting times as my better half and I intend to relocate to Perthin Month, initially short-term but conceivably longer term. I'm in the process of writing to Bank of Cyprus UK to obtain consent to let out our property (we have already found tenants). The mortgage has been in place with Bank of Cyprus UK for 7 years and there have been no arrears. Bank of Cyprus UK tell me, that even if they grant consent to let, that this will be limited for a single year. What happens after one year?
- What are the chances of Bank of Cyprus UK in issuing me with Consent To Let on a studio flat? Agents have had it on the market for three weeks. I need to sell but I'm concerned that given the lack of interest I will need to rent out the property in order to cover the mortgage to Bank of Cyprus UK (I do not now live at the address). I would prefer to come clean with Bank of Cyprus UK than keep them in the dark but I'm not sure how accomodating they would be.
- I have just come off a call with Bank of Cyprus UK and they tell me that it has come to their attention that I have been letting out the garden flat even though it is on a domestic mortgage. I moved out two years ago for childcare reasons, was unable to sell and was left with little choice to rent out my property. Do you know what the connotations may be for me not seeking consent to let?
- Is it the case that the letting agents we rented through have a duty of care to have ensured that the landlord attained consent to let from Bank of Cyprus UK?
- I’m about to finish the fixed rate period of my three year fix with Bank of Cyprus UK and move on to the standard variable rate. I would like to know whether consent to let from Bank of Cyprus UK is possible, if there are charges, and if there are time limits?
- I recently acquired a garden flat in Harrow. I am a FTB. I am moving Paris next month, can I get consent to let from my lender Bank of Cyprus UK or do I have to wait six months?
- I currently have a residential mortgage with Bank of Cyprus UK and plan on letting due to work being based in Manchester. In seeking consent to let from Bank of Cyprus UK do I run the risk of them forcing me to change deal to buy to let
- I hope you can help What do my wife and I need to do to get consent to let from Bank of Cyprus UK? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Bank of Cyprus UK consent to let Info
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 Bank of Cyprus UK 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 regular 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
If your property is 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 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 Bank of Cyprus UK