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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
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In a worst case scenario what action Bath Building Society can take if I have Sublet my flat without consent to let?
- I would like to purchase a second house having recently purchased a garden flat on residential mortgage. Looking to purchase in a few months time. I am told that I may require consent to let from Bath Building Society, my current mortgage provider? What is the best way to go about this and get the permission needed.
- My mortgage is with Bath Building Society and wonder if I am required to notify them if we no longer reside in the property. I believe that they may bump up the interest rate if we move and let it out but it's far from apparent what the increase would be. If I decide to lease my property out and seek consent to let how would the payments increase?
- I took a home loan out on a maisonette last August however I will be working outside of commuting distance of Bexley for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Bexley so would like to keep it. How likely are Bath Building Society to allow a consent to let and how do I go about applying ?
- I was just curious as to whether Bath Building Society would give consent to let and what kind of fees, penalties and rate increase etc
- Will Bath Building Society choose to exercise a right to change the rates on a domestic mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to refinance on a consent to let with Bath Building Society?
- I am trying to find out if it is possible to get a consent to let home loan with Bath Building Society rather than a buy to let mortgage
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider Bath Building Society. Will it make a difference that I only drew down on the mortgage two months ago?
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 Advice
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 Bath Building Society 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 obtain the consent of the freeholder. If such restrictions are not strictly observed 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bath Building Society