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.
Top Five Questions relating to Coutts & Co consent to lease
- What's the difference btw consent to let and buy to let? Also is the property subject to Capital Gains Tax if sold?
- I have a friend who is talking about leasing their property out and moving in with partner. The property is in Bexley and has a £95k home loan with Coutts & Co. What would she need to do to get consent to let if she decides to do this.
- I would like the consent to let forms for Coutts & Co please I am unable to find it on the web.
- Am I obliged to notify Coutts & Co of my intention to rent a shed out on my property. Can you help clarify? I am taking separate advice on the insurance, legal and tax side of things .
- Iwant to rent out our home and buy other. Can Coutts & Co refuse to grant me consent to let?
- My partner and I have already let but only just realised Coutts & Co ought to have been told and consent to let sought - what's the best course of action now?
- I have had my mortgage with Coutts & Co for eleven years with no arrear If I sought consent to let would I get a positive response?
- What happens if a borrower has already leased out the property for a number of years as an HMO and now want to legalise the situation with Coutts & Co by getting consent to let ? (work on the basis that Coutts & Co had already given a homeowner mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Coutts & Co consent to let Advice
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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 commencing legal proceedings 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