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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.
Frequently asked questions relating to Bath Building Society consent to lease
- I am looking to get a consent to let from Bath Building Society as my personal situation has altered. My stepdaughter started college and I felt we would move nearby and opted to purchase a house rather than rent for 3 years. After having bought the house there has been serious deterioration in my relationship with my my step daughter and she refuses to live in it. Since the whole point was for her and the house location is not particularly convenient for my work I would like to leave and let the house
- I previously took a mortgage with Bath Building Society and the loan to value is presently 45% with the Bath Building Society current book value and I'm looking to acquire a further property but do not want to sell my existing property at the current market value. I have had CTL from NRAM 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 be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- Given we are relocating and unable to sell our flat, we are mulling over renting it out. Am I required to disclose this to Bath Building Society? If we do, I think they will want to change our mortgage to buy to let and increase fees etc which we can't afford. I was hoping that if I continued paying on time it shouldn't be a problem, but am now nervous about insurance implications if I have let my property out on the sly. Any feedback?
- My husband and I wish to be informed of what the criteria is for Bath Building Society for consent to let. I have heard differing suggestions in relation to charges and rates. I need to move area for work but can not sell the house due to a depressed market.
- I was just curious as to whether Bath Building Society would grant consent to let and what kind of fees, penalties and new rates etc
- I am endeavouring to figure out which lenders are best for allowing consent-to-let without hiking up rates, and hopefully allowing more than 2 years if required. Is that something you can assist me with? We are particularly interested in Bath Building Society
- I was just wondering if Bath Building Society were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Our Bath Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Bath Building Society consent to let Info
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
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 inform them could trigger your insurance becoming invalid. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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