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Need professional advice for your consent to let with Co operative Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Co operative Bank consent to let
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Exciting times as my partner and I intend to relocate to Germanyin Month, possibly temporarily but it could be longer term. I'm in the process of writing to Co operative Bank for consent to let out our property (we have already found tenants). The mortgage has been in place with Co operative Bank for 7 years and no payments have ever been missed. Co operative Bank advise, that even if they give permission, that this will be a temporary arrangement for a single year. After the year is up what happens next?
- I would like to rent out my current house and want to buy a larger house for the family. I have a fixed rate mortgage with Co operative Bank. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with a different lender? Will it have to be buy to let mortgage and not a residential mortgage?
- Hi, I have consent to let my property with Co operative Bank and am about to give my tenant 2 months notice as I want to find a buyer. I am worried about the property being empty when the tenant goes and finding a buyer. Not once have I missed a payment on the account, would it be possible to take payment breaks pending the sale of the property?
- Just wondering whether Co operative Bank perform any checks when obtaining a residential mortgage, I'm preferably looking to rent the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I lease the place out?
- I took a domestic mortgage with Co operative Bank and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- If I let my property with consent to let from Co operative Bank will there be any rate uplift? I am currently on a fixed rate for three years.
- I am looking to place our matrimonial home on rent due to job commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Co operative Bank at the moment until 2018 September
- Are you able to clarify what the process would be if we move to a new property and need to obtain consent to let for our existing mortgage with Co operative Bank
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Information to consider in in addition to the above Co operative Bank consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Co operative Bank is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Co operative Bank your property may be repossessed