Need Help?
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.
Top Five Questions relating to Bradford & Bingley consent to lease
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Can you clarify if consent to let obligatory from Bradford & Bingley or can I let my new house without telling Bradford & Bingley and being forced to switch to a B2L loan?
- My partner and I are are looking to join the property ladder, currently renting. We would ideally like to purchase a studio flat in Westminster. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to get a B2L mortgage? Could we take a domestic mortgage with Bradford & Bingley, because we intend to move there soon? Or could we live there for a couple of months, then start renting it with consent to let from Bradford & Bingley? I'm only evaluating scenarios that are entirely legal, and wouldn't breach the terms of the mortgage with Bradford & Bingley.
- My plan is to move house. The query I have is whether consent to let will be granted on my house for me to subsequently get a mortgage for the new house so I can put in an offer without being part of a chain and subsequently rent my property out once I move. Will Bradford & Bingley issue consent to let for 12 months? Assuming the letting goes to plan is it possible for the consent to let time limit be extended?
- We have a standard variable mortgage with Bradford & Bingley that we are having difficulty securing consent to let as a result of being in Hong Kong and renting out the flat a few years ago without their approval which was a blunder on our part. We have a 50% LVR and made overpayments of £500pm for five years so we are not in arrears. We would happily move onto a buy to let mortgage with them at a bumped up rate yet that has not been offered to us.
- Just looking for some help. I currently have a mortgage in place with Bradford & Bingley. I have been given approval to temporarily rent out my apartment from the freeholder of the block and they asked if I have consent to from Bradford & Bingley.
- I would like to know if I have a normal mortgage with Bradford & Bingley and decide to rent it out, does the rate get jacked up and are there any associated costs for obtaining consent to let.
- Can you tell me how much the fees are and if Bradford & Bingley typically issue consent to let without transferring to a commercial rate?
- I wish to get consent to let from Bradford & Bingley for a couple of years until I hope to switch to a BTL. Is this achievable
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings 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
Where 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 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Bradford & Bingley