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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.
Co operative Bank consent to let: Q and A’s
- I am looking to acquire a garden flat in Westminster. I will only want to be there for nine months, and then move into a bigger apartment. Rather than sell the first home I would like to rent it out so that it form part of my investment portfolio. Do you know if Co operative Bank would issue consent to let after half a year?
- At the moment have a three year fixed term home loan with Co operative Bank that we're about a year into. Our circumstances have now changed and we wish to rent out our flat for a year and move to another town. What can we do to minimise the risk of Co operative Bank refusing to grant consent to let.
- Me and my brother are joint proprietors of a property in Havering with a Co operative Bank mortgage. I want to move on and buy a new property with my fiancee. How should I deal with renting out my room? Do I require consent to let via Co operative Bank. My brother will continue to reside in the property
- At the moment I am looking to buy my first property however, working as a consultant. I want to chose a mortgage provider that will permit short term letting with a homeowner mortgage so that I could rent out the property for 6-9 months with long periods of absence without being compelled to a buy to let product. Are you able to advise me on how lenders would view this and specifically the stance taken by Co operative Bank.
- I am considering moving overseas for work and would like consent to let from Co operative Bank whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to Co operative Bank? The point of renting the property isn't to make money but to keep the house in case things don't work out
- I was just wondering if Co operative Bank were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am already leasing out my property but may have been found out. I have 5 months remaining on my fixed rate. How easy is it to get consent to let from Co operative Bank. Is it just a quick phone call, pay the fee and it's done there and then?
- Do I require consent to let if I let to a family member (in my case my brother now lives there and contributes towards the Co operative Bank mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Co operative Bank consent to let Info
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
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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Co operative Bank your property may be repossessed