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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
- Just looking for some information, I have a mortgage on a flat with Coutts & Co and I am pondering on the idea of letting my property out. Could this be done without transferring to a BTL or receiving consent to let from Coutts & Co?
- I am interested in finding out more about the conditions borrowers have to satisfy before consent to let from Coutts & Co is granted. Are there any restrictions on who can be given consent?
- Can you please tell me what Coutts & Co charge for consent to let out a room in my three bedroom second floor purpose built flat? Any answers are appreciated.
- I have recently been provided with a job opportunity 250 miles from home and considering whether it's a good idea leasing my house out. Will Coutts & Co permit me to change mortgage or grant consent to let? Should it not be available I will have to consider if it's worth taking the job. I have no objection to paying an increased amount as I intend to come back and live in my home after twenty four months. My agenda here is not to profit. Just love my house and want to return to it one day.
- How much of my mortgage allowance will be made available to borrow if I switch my mortgage to a consent to let with Coutts & Co?
- I am trying to find out if it is possible to get a consent to let home loan with Coutts & Co rather than a buy to let mortgage
- Are you able to advise me how much the fees are and if Coutts & Co ordinarily give consent to let without switching to a commercial rate?
- I am looking at taking a job in France and have been advised that I need to let Coutts & Co know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
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General Advice to read in in addition to the above Coutts & Co consent to let Info
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming invalid. 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 restrictions are not strictly observed you may be in breach of your covenants under 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