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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.
Frequently asked questions relating to Bradford & Bingley consent to lease
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I have been asked by my proposed tenants for evidence of my ‘consent to let’ from Bradford & Bingley, my mortgage lender. Is this a standard request?
- My husband and I currently live in Hong Kong and leasing out our property in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is insufficient to cover the mortgage so we transfer money each month to make up the difference. Anyway this morning I got a letter in the post from our lender telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest in addition to our current mortgage rate. One option would be to sell the flat but this will be difficult as I am so far away. Could we remortgage with Bradford & Bingley and get consent to let?
- I am an existing Bradford & Bingley mortgage borrower in need of consent to let on my present property. We would like to purchase in close proximity to where we are based with the Army,... but we may have to relocate.
- We intend to let our existing apartment out early next year when we find a new house. This is to be done with consent to let from Bradford & Bingley. The apartment is currently in my name but I am a top rate tax payer. Is it best to do a equity transfer to her or should we enter into a Declaration of Trust?
- My existing mortgage is with Bradford & Bingley, but I have to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her parents and getting their help) in a greener less intense area of Manchester.
- How much of my loan allowance will be made available to draw down on if I switch my mortgage to a consent to let with Bradford & Bingley?
- If I am tied into a fixed rate with Bradford & Bingley but am considering letting out my property, is there a charge for consent to let from Bradford & Bingley and does the interest rate alter?
- Soon to remortgage my flat but will likely be moving out in the next year and would be looking to lease it out. How quickly can you get consent to let from Bradford & Bingley?
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Information to consider in supplemental 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
Failure 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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 taking legal action 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