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Need professional advice for your consent to let with Coutts? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Coutts & Co consent to let
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I have a residential mortgage nearing reissuing with Coutts & Co. The house has been tenanted for a few years and I think I need to notifyCoutts & Co. I am led to believe that I can ask for a consent to lease, but given that the property has already been let out for a considerable time could they deny - determine that I go onto a BTL rate and even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
- I have been granted consent to let from Coutts & Co for a while now but they now want to speak to me and I expect their agenda will be to rid themselves of me. Do you have any suggestions as what I can do next?
- I have a Coutts & Co mortgage on a flat I own, in Harrow. Last month, resulting from a change of personal circumstances I decided to let out this flat, and rent a house in a different area within same loc. The personal circumstances that altered is that my partner moved in, and the flat is too small for our needs. I do not want to try to sell the flat because the current market value is 15% less than when I acquired the property ten years ago. I contacted Coutts & Co for a consent to let which was turned down as they considered that my intention was to invest in the flat. Any advice would be greatly appreciated, as this is really stressing me out. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and may pull out.I look forward to hearing from you
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Coutts & Co. Can you help me?
- My OH and I were enquiring if it's possible if you own one property with consent to let from Coutts & Co, to buy another with a homeowner mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
- My fiance and I are one year into a three year normal mortgage with Coutts & Co. Just enquiring whether it's permitted to let out the property on my existing mortgage. Will Coutts & Co issue consent to let?
- My personal situation has changed, and I would like to let my home out - meaning consent to let- I have approx £140K loan with Coutts & Co and currently 85k equity I need to avoid the redemption penalties.
- I am trying to find out Coutts & Co fees for conversion to consent to let from a fixed rate residential mortgage?
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Caveats to be read in supplemental the above Coutts & Co consent to let information
Tax and Legal
There may be various 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Coutts & Co your property may be repossessed