Need Help?
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.
Common questions relating to Co operative Bank consent to lease
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I am a FTB interested in a small house in Co operative Bank. I have a healthy deposit and expect a mortgage from Co operative Bank. My dilemma is that my partner owns a apartment in London and I anticipate moving in next month, when I would have to let out my property. I I know that consent to let is needed but it does not sound like a guaranteed option. Is there any advice you can impart?
- My query does not relate to consent to let, I was wondering if you have an address or telephone number for a dedicated Co operative Bank help desk who processes consent to let applications. Co operative Bank has a first charge over my house.
- I have a ground floor flat but I am hardly there, deliberating the possibility of renting it out. My mortgage is with Co operative Bank, would I have to move onto a new mortgage product or should I apply for consent to let?
- Me and my fiance are soon to buy a place together. Plan is for me to get consent to let my flat from Co operative Bank. Thinking about the future - when my two year fixed comes to an end - how would it work if I sought to refinance my flat?
- I took a domestic mortgage with Co operative Bank, and I would like to rent the house out, until I decide whether to sell or hold on to it as an investment. As things stand I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- I am potentially moving in with my girlfriend at her home and would like to rent out my property that I purchased last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to get consent to let from Co operative Bank If I obtain consent would my mortgage payments increase?
- Was wondering how to obtain a consent to let from Co operative Bank with whom I have a mortgage with. There is a remaining balance of 87k. The value of property is 245k. Property is in my name but my wife and I would like to purchase a maisonette in Islington we have seen together. How do we go about this?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Co operative Bank. Will any consideration be given to the fact that I only drew down on the mortgage two months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Co operative Bank consent to let information
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
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
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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed