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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.
Top Five Questions relating to Co operative Bank consent to lease
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Can Co operative Bank choose to operate a right to put a loading on my interest rate on a non-commercial mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their Buy to Let loans'?
- If I decided to rent out my garden flat with consent to let from Co operative Bank, what evidence would be required of tenancy? If after 1 year I decided to let it on a number of holiday term lets, am I still required to provide proof to Co operative Bank, or will they be happy as long as i keep up with the payments? By way of example if I let the rooms individually at a later stage, is there any reason for Co operative Bank to be informed and would they care?
- I have recently rented out my one bedroom first floor purpose built maisonette and have gained a Consent to Let with my MP. 6 months have now gone by and they have loaded my repayment percentage as previously advised. I am unable to transfer to a more favourable product with them, as they will withdraw my consent to let. If I was to go with an alternative provider for instance Co operative Bank, would I need to obtain a B2L mortgage or could I just refinance and get consent to let?
- My husband have a fixed rate mortgage with Co operative Bank for 2 years and have been living in the flat for just over six months. Due to work I need to leave so I would like to lease the property out. What is the best way to go about getting consent to let from Co operative Bank?
- Co operative Bank homeowner mortgage. Will they issue consent to let a property for 18 months? I reoccupy as an owner.
- My Co operative Bank mortgage fixed rate ends in September and have to relocate for work then. What are the chances that I will be able to both refinance and get consent to let?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some people to exploit?
- Me and my husband may need to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Co operative Bank or it is wise to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
Omitting 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 lease may prohibit 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 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Co operative Bank