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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.
Frequently asked questions relating to Bank of Cyprus UK consent to lease
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My wife and I may need to rent out our Camden home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as three years. Should I tell Bank of Cyprus UK or should I keep schtum?
- Please can you providing me a little info on the consent to let process. I am considering a Bank of Cyprus UK mortgage on a £200,000 property on the coming months. The aim would be to hold the house as a second home but I need to know what options there are to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- What is the process for obtaining consent to let from Bank of Cyprus UK? What evidence do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than rent the property out?
- I applied for consent but was turned down as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Bank of Cyprus UK but will they give me consent straight away?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with Bank of Cyprus UK to allow us to get a mortgage also with Bank of Cyprus UK for a new home?
- I am looking to get consent to let with my Bank of Cyprus UK residential mortgage. It is a detached house. Will Bank of Cyprus UK grant consent on this basis? Or would it be regarded as an HMO?
- I would like advice as to how to go about obtaining consent to let from Bank of Cyprus UK and what, if any, fees I face.
- My wife and I may need to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell Bank of Cyprus UK or am I best advised to keep schtum?
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Caveats to be read in conjunction with the above Bank of Cyprus UK consent to let information
Tax and Legal
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.
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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
Omitting to inform 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.
If you do not keep up the payments on your mortgage with Bank of Cyprus UK your property may be repossessed