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.
Frequently asked questions relating to Co operative Bank consent to lease
-
Is consent to lease required from Co operative Bank or can I let my garden flat without telling Co operative Bank and being forced to switch to a buy-to-let loan?
- I have a consent to let from my existing mortgage provider which is about to come to an end. Since I took this out to travel and start a family. My part time salary is not sufficient just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in breach of the terms of my mortgage conditions. As a result of my low income I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Co operative Bank. Are they likely to give consent to let from the outset?
- I have my studio flat in Lambeth on the market but despite a couple of viewings there is a lack of interest so far. As a backup option I am considering renting out the property if it doesn't sell. I dont foresee a problem getting consent to let from the freeholder. My mortgage adviser says that in such circumstances I may be obliged to switch to a buy to let mortgage yet the chances are that I don't have enough equity needed. What's my exposure if I were to retain the current Co operative Bank mortgage and rent out the flat without telling them As long as the mortgage is being paid in full and on time, why would they care or check?
- I have a Co operative Bank mortgage on a flat I own, in Redbridge. Last month, resulting from a change in my circumstances I decided to let out the apartment, and rent a house in a different area within same loc. The state of affairs that altered is that my partner moved in, and the flat is too small for us. I do not want to try to sell the flat because the current market value is significantly lower than when I bought the flat in 2004. I applied to Co operative Bank for a consent to let which was turned down because they considered that my intention was to invest in the flat. The whole process was very stressful and frustrating. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and could pull out.I look forward to hearing from you
- My existing mortgage is with Co operative Bank, but I am going to move out for around 12 months as we need to be nearer to my partner's mother. Will Co operative Bank grant consent to let?
- Me and my brother are considering applying to Co operative Bank to obtain consent to let our house, how long does it take from the point of sending the forms to us finding a letting agent and listing our house for rent? and are there any additional steps in the process?
- We have a mortgage with Co operative Bank on our 2 bed flat in Bexley. We are planning to buy a new house to move into. How do I switch my existing mortgage on to consent to let?
- I may be looking to lease out my property and wondered what I would need to do to get consent to let by Co operative Bank. There is a possibility that I might be emigrating permanently.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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