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.
Top Five Questions relating to Co operative Bank consent to lease
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Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the property will trigger a hefty redemption penalties to Co operative Bank of £2500, we thought that it would be sensible to rent it out. So, we need to obtain a consent to lease from Co operative Bank only 12 months. Will Co operative Bank grant consent?
- I need to change my residential mortgage with Co operative Bank to a consent to let and looking for some help... I acquired my first home in Edgware fouryears ago. After a new job opportunity I moved to Glasgow, and a few months ago got a residential joint-mortgage with my partner. I am inclined to stay with Co operative Bank and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Co operative Bank refuse what lenders can I approach.
- Merton property worth £115,000. Remaining home loan of £32k with half a dozen years left. Seek consent to let via Co operative Bank for current property and make use of income to pay off the last few years of mortgage. Take out 75 % Co operative Bank mortgage on further property that I will consider to be my primary home? Any reason I cant do this?
- We have an offer accepted to purchase a property, we have a deposit of between 20-25% for a homeowner mortgage with Co operative Bank. The one concern is we may go overseas in three months for work. We are using a financial adviser. She says if you tell this to Co operative Bank in advance you will need to get a buy to let. Do go ahead with residential mortgage with Co operative Bank, in a couple of months seek consent to let? Alternatively, do we try and contact Co operative Bank at this point and reveal there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree before hand that it wouldn't be a problem
- My fiance and Iwould like to let our home and buy other. What do I need to supply Co operative Bank to obtain consent to let?
- I'm planning to relocate to Kenya for eighteen months for my job but I don't want to change my mortgage to BTL as I want to reoccupy it when I return. Do you know if Co operative Bank charges extra on the interest? Is there any work around?
- I am looking for some generic information on consent to let. I already have a mortgage in place with Co operative Bank. I have had approval to temporarily rent out my GFF from the freeholder of the block and they asked for a copy of the consent to from Co operative Bank.
- Do you know if there is usually a required loan to value amount before Co operative Bank will give consent to let?
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General Advice to read in supplemental the above Co operative Bank consent to let information
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
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 regular 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 obtain the consent of 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
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Co operative Bank