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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.
Coutts & Co consent to let: Q and A’s
- I have had an existing mortgage with Coutts & Co approaching 3 years and the fixed rate is soon to expire. We are thinking of taking equity out of our existing place to enable us to acquire a more substantial house and then let out the existing three bed flat. The initial advice we received was that we will get a new residential mortgage with a consent to let - what does this mean?
- I have just come off the phone to Coutts & Co and they tell me that it has been brought to their attention that I am letting out the one bedroom apartment despite having a resi mortgage. I moved out three years ago for work reasons, was unable to sell and so had little option but to rent out the property. Do you know what the financial repercussions might be for me not obtaining consent to let?
- Your view would be appreciated as to whether consent to let from Coutts & Co is the right approach. I acquired my property last March by porting an existing Coutts & Co mortgage product. My fixed rate expired 4 months ago I'm weighing up moving in with a new partner. I would prefer not to sell my property yet because I have no idea as to whether the new move will work out. Would it be likely that Coutts & Co would grant a consent to let based on me letting out my property on a an AST for 1-2 years and then I either commit to a buy to let product or sell it?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our garden flat in Camden we currently live in to rent out. Mortgage on the flat is with Coutts & Co. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- What is the longest period that Coutts & Co is willing to issue Consent To Let for?
- I was just enquiring if Coutts & Co would grant consent to let and what kind of fees, penalties and new rates etc
- My husband and I bought a property in Manchester with Coutts & Co and am moving to rent a property in Devon due to work. Is consent to let from Coutts & Coavailable? I only want to lease out the flat for half a year before selling.
- Do you know if I can keep my existing homeowner mortgage with Coutts & Co if I start renting out? If the consent to let is issued will they tie me into an increased rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Coutts & Co 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from 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.
If you do not keep up the payments on your mortgage with Coutts & Co your property may be repossessed