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.
Frequently asked questions relating to Bradford & Bingley consent to lease
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Colin (my husband) and I may need to lease our Sutton home temporarily due to me taking a sabbatical. This will be temporary but possibly for as long as five years. Should I tell Bradford & Bingley or am I best advised to remain silent?
- I have just been on the phone to Bradford & Bingley and they tell me that it has come to their attention that I am letting out the garden flat even though it is on a domestic mortgage. I needed to move a couple of years ago for childcare reasons, couldn't sell and was left with little option but to rent out my property. Do you know what the ramifications may be for me not procuring consent to let?
- I have a mortgage with Bradford & Bingley on a property and I would like to find a tenant for it out and rent another property due to changes in personal circumstances - I want to move to a new location, and to live in a larger property with my fiance. I sought consent to let and just got a response refusing as they felt I want to invest. I dont know what to do next. I find myself at risk since I already have rented a new property and am faced with paying both the Bradford & Bingley mortgage and rent payments, which could expose me financially. The matter needs to be resolved soon as a prospective tenant waiting on the sidelines
- I have been serving in the armed forces for three years and planning to purchase a property with a Bradford & Bingley mortgage. I would like to obtain consent to let the house to my parents. In years to come I would reside in the property with my wife and kids when I leave the armed forces. Is this achievable?
- This is not a question specific to Bradford & Bingley but do lenders usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- We are close to purchasing a property and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Bradford & Bingley? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Do you have the address to which a Consent to Let request to be sent for Bradford & Bingley? Sorry about bothering you with this query.
- My wife and I would like to lease out my house to be closer to my daughter's college and look after of my mother. What do I need for the application of consent to let from Bradford & Bingley?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Bradford & Bingley 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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