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Need professional advice for your consent to let with Bath Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Bath Building Society consent to let
- I've got an existing mortgage with Bath Building Society approaching 18 months and the fixed rate is about to be renegotiated. We are contemplating extracting equity from our existing property to allow us to buy a new larger home and then let out the existing maisonette. We were originally informed that we ought to get a new residential mortgage allowing for consent to let - can you clarify what is involved?
- I have just come off the phone to Bath Building Society who have advised me that they have found out that I am letting out the maisonette despite having a domestic mortgage. I moved out a couple of years ago for childcare reasons, couldn't sell and so had little choice to let out my property. Do you know what the connotations may be for me not getting consent to let?
- I own a house that's presently under shared ownership (My share is 60%) and I bought it in September 2014. I am currently going through the full purchase of the house. Me and my wife also have in mind a further house that we are looking to buy. Mortgage in principle has been issued by Bath Building Society. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new house
- I currently have a mortgage with Bath Building Society and the loan to value is currently 60% with the Bath Building Society current book value and I'm looking to acquire another property but do not want to sell my current property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Bath Building Society need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- It would be helpful to know if on the balance of probabilities Bath Building Society will grant consent to let out our residential property in Enfield
- I am seeking from Bath Building Society consent to let out my flat in Enfield. I am planning to move in with my grandmother as I am off work due to ill health.
- Would a previous extension to a mortgage term with Bath Building Society work against us once we applied to Bath Building Society for consent to let.
- I would like some advice on how best to approach my mortgage lender Bath Building Society regarding a 'Consent-to-Let' application. Is this a task you can help with ?
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Important warnings to consider in further to the above Bath Building Society 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
If 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 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 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 Bath Building Society your property may be repossessed