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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.
Examples of recent questions relating to Co operative Bank consent to let
- I am looking to get a consent to let from Co operative Bank as my personal circumstances have changed. My stepdaughter was starting university and I concluded that we would move to the area and decided to buy a property as opposed to rent for 3 years. Since purchasing the house I have fallen out with my step daughter and she won't live in it. Given that the whole idea was for her and the house location isn't so ideal for my work I would like to move out and let the house
- My cousin and his girlfriend currently lodge with me at my two bedroom maisonette. This Spring I would like to move out of the flat and in with my GF. Is it possible to get consent to let from Co operative Bank after only having the mortgage for less than half a year?
- I sought consent but I did not get it as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Co operative Bank but will they give me consent straight away?
- I purchased a two bedroom second floor purpose built flat in Hackney twelve months ago and have a 2 year fixed rate mortgage with Co operative Bank. Looking to move in with my boyfriend within the next six months and would like to let out my property. Would like to be better informed as to the process.
- My marital situation has changed, and I wish to rent my place out - meaning consent to let- I have approx £175K loan with Co operative Bank and currently 85k equity I need to side-step the redemption penalties.
- I currently have my mortgage with Co operative Bank and have been for the previous twenty months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- Is consent to let required from Co operative Bank if I am planning to live in the flat myself for three months of the year? In addition if I gain consent to let for a period of time, say up to two years, what happens after that.
- I want to get consent to let from Co operative Bank for two years until I can transfer to a BTL. Is this achievable
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 Questions and Answers
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming invalid. 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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