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Need professional advice for your consent to let with Bradford & Bingley Limited? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Bradford & Bingley consent to let
- My brother and I are currently twelve months into a year fixed rate mortgage with Bradford & Bingley. Ideally we would like to buy a larger second property in the next few months however would like to retain the first property and I was enquiring as to what reason we could put down on the consent to let form to get their approval
- The plan is to move in with my partner and I have let my property out to 2 tenants on a twelve month AST. The application for consent to let from Bradford & Bingley is in hand but what if they refuse. I can’t rescind on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Bradford & Bingley could take action for contravention of contract i.e. renting it out in the absence of consent to let.
- I would like the consent to let forms for Bradford & Bingley please I couldn't locate it on the net.
- I have been renting out my flat to students for three years but not on a buy to let mortgage as I naively considered that you only needed a BTL if you had more than one mortgage. In trying to purchase a second property, I discovered that I should have obtained consent to let at the outset from my lender Bradford & Bingley. I'm curious as to whether I can now ask Bradford & Bingley for a consent to let?
- I have a mortgage with Bradford & Bingley on a two year fixed rate. I may have chance of a teaching job overseas next year. Would I be eligible for consent to let by Bradford & Bingley if I took this job abroad?
- My OH and I have a mortgage with Bradford & Bingley on our maisonette in Lewisham. We are planning to buy a new house and move in there. How do I move my existing mortgage on to consent to let?
- I am looking to get consent to let with my Bradford & Bingley residential mortgage. It is a detached house. Do Bradford & Bingley grant consent on this basis? Or would it be regarded as an HMO?
- I am fixing my residential mortgage with Bradford & Bingley but as a result of my job I will probably have to go abroad for a couple of years. Will Bradford & Bingley allow and grant consent to let and will any penalties be applied in such a situation
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Bradford & Bingley 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such terms are not adhered to 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 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 Bradford & Bingley your property may be repossessed