Need Help?
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
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Is consent to lease required from Coutts & Co or can I lease out my new house without telling Coutts & Co and being forced to transfer to a B2L mortgage?
- I purchased a house three years ago in Newcastle when I worked locally. I got a promotion which involved working in London. I drive down on Saturday morning and live with a cousin mid week. I am now thinking ofmoving home to avoid the commute. I am deliberating the option of renting out my current home. My mortgage is with Coutts & Co, would I have to move onto a new mortgage rate or do I apply for consent to let?
- Following retirement in June I purchased a “retirement home” for my wife and myself to move to. We would like to let our current property to our nephew and I have therefore asked Coutts & Co for consent to let. What are the chances of this being granted?
- I have a self contained flat attached to my house that my dad is planning to move out from. As my property is large I was considering moving into the annex and lease the remainder out. This is also due to change of circumstances. Would I require consent to let from Coutts & Co?
- We are endeavouring to find out which lenders are best for giving consent-to-let without hiking up rates, and hopefully allowing in excess of 2 years if necessary. Is that something you can help with? We are particularly interested in Coutts & Co
- We are close to purchasing a property and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Coutts & Co? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- My Coutts & Co mortgage fixed rate ends in August and have to relocate for work then. What are the chances that I will be able to both refinance and obtain consent to let?
- My mortgage has been with Coutts & Co for eight years. I would like to apply for consent to let my property. I have been waiting for Coutts & Co to get back to me. Are you able to please check and help?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Coutts & Co consent to let Advice
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in breach of your covenants under 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 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