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.
Examples of recent questions relating to Co operative Bank consent to let
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I am employed by letting specialists in loc and have been ask but a prospective tenant of a property for a copy of the ‘consent to let’ from the owners lender Co operative Bank. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
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We just obtained consent to let from Co operative Bank. After some effort, Co operative Bank have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- I have a Co operative Bank mortgage and have been letting out the property omitting to get consent to let, making me in breach of my mortgage Ts and C’s. They may have suspicions that I am not residing there. What negotiating options are available if I fail to sell it in time before they become aware I have breached my Ts and C’s?
- We are expecting any day now a mortgage offer from Co operative Bank for a garden flat. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Co operative Bank adopt in order to grant customers consent to let? Is consent to let based on the rental amount for a property?
- I am seeking from Co operative Bank consent to let out my home in Camden. I am planning to live with my grandmother as I am off work through illness.
- My fiance and I have a mortgage with Co operative Bank on our garden flat in Tower Hamlets. We are hoping to buy a new house to move into. How do I switch my current mortgage on to consent to let?
- I am looking to get consent to let with my Co operative Bank residential mortgage. It is a detached house. Will Co operative Bank grant consent on this basis? Or would it be regarded as an HMO?
- Will I need consent to let from Co operative Bank if I am intending to occupy the apartment myself for half of the year? Also if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Co operative Bank consent to let Advice
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed