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Need professional advice for your consent to let with Clydesdale Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Clydesdale Bank consent to lease
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My wife and I may need to rent out our Harrow home for a while due to a career opportunity. This will be for a limited period but possibly for as long as 6 years. Must I notify Clydesdale Bank or am I best advised to remain silent?
- I have a colleague who is talking about renting their property out and moving in with partner. The property is in Barnet and has a £95k home loan with Clydesdale Bank. What would she need to do to get consent to let if she decides to do this.
- For 8 I have a I have had a mortgage with Clydesdale Bank. My partner has bought a property in Haringey and I have the opportunity to move in with him. Can I lease out my flat with consent to let in case I need to move back? Also what legal paperwork must I provide Clydesdale Bank with when filling in the consent to let form?
- I have a garden flat in Redbridge let out which has a seventy year lease. Mortgage adviser said I should refinance (currently with Clydesdale Bank) as a buy to let rather than consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £210k. Not much about in Hounslow for me to buy my own house. To extend the lease will cost 19k. Not sure sure whether to hold on or sell the flat?
- My partner is considering placing an offer on a new property in Waltham Forest and is on to a good deal as it requires some work done. We want to rent our current property for 2 years and then return. Will I be granted a consent to let by Clydesdale Bank?
- I am already leasing out my property but may have sussed what has been going on. I have five months left on my fixed rate. How easy is it to get consent to let from Clydesdale Bank. Is it just a five minute phone call, pay the charge and it's done there and then?
- Is there a time limit on a consent to let from Clydesdale Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- Do you know if there is normally a maximum loan to value amount before Clydesdale Bank will give consent to let?
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Important warnings to consider in in addition to the above Clydesdale Bank consent to let Questions and Answers
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
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
If your property is leasehold, the provisions in the lease may prevent 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
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Clydesdale Bank your property may be repossessed