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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.
Bath Building Society consent to let: Q and A’s
- My friend has let her property off the same landlady for almost 18 months. Over the last six months my friend has been getting letters from Bath Building Society (it is apparent from the envelope). For the first coulpe she forwarded them to the landlady's address. I was a bit suspicious as none of the landlord’s mail was meant to be going there. I decided to go to my friends house and phoned Bath Building Society on her behalf. The lady I spoke to at Bath Building Society had a long list of queries, the landlady's details, information on the tenant and then said they were going to investigate whether she had the correct mortgage and if she didn't it was an offence with no consent to let. What does this mean for my friend?
- I have recently applied for consent to let from Bath Building Society, but wondered if they impose any requirements on the level of rental income?
- For some years now I have a I have had a mortgage with Bath Building Society. My other half has purchased a property in Westminster and I have the opportunity to live with him. Can I rent out my property with consent to let in case I need to move back? Also what legal documents must I provide Bath Building Society with when completing the consent to let application?
- How simple it would be to seek consent to let from Bath Building Society. I am considering fixed deals and plan to reside at the property but want to know my options if work has opportunities elsewhere for instance within the next couple of yrs Please let me know how challenging it is in your experience with Bath Building Society?
- I would like consent to let on my Brent maisonette from Bath Building Society. I will be going abroad for a year so wish to know if I am able to let my flat
- Would I be able to remortgage to Bath Building Society from my existing lender, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- Am I required to negotiate consent to let if I let to a family member (in my case my mother now lives there and contributes towards the Bath Building Society mortgage)?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a domestic mortgage with Bath Building Society
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Bath Building Society consent to let Questions and Answers
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 trigger 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from 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.
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 Bath Building Society your property may be repossessed