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.
Recently asked questions relating to Coutts & Co consent to lease
- I have a homeowner mortgage with Coutts & Co and will be joining the Royal Fleet Auxiliary in September. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to rent out my house in Sutton and move in with my brother when on shore. I am confident that my rental income would cover my monthly repayments. Can you help?
- Wandsworth apartment worth £150k. Coutts & Co mortgage owing £30k with seven years left. Obtain consent to let from Coutts & Co for current residence and utilise rent to pay off the last few years of the loan. Take out 70 per cent Coutts & Co mortgage on new flat that becomes my main residence? Any reason I cant do this?
- My partner and I have decided to let our one bedroom apartment out. We have made an offer on a further property for us to purchase and have a tenant to move into ours. I assume I have to ask our lender Coutts & Co for consent to let. Is there a template consent to let request letter I can copy?
- I took a loan out on a studio flat in August however I will be working outside of commuting distance of Waltham Forest in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Waltham Forest so would like to keep it. How likely are Coutts & Co to allow a consent to let and what will it cost me ?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Coutts & Co. My property is worth approx £185k and owe £85k on it. Will Coutts & Co increase my mortgage rate?
- I have a mortgage with Coutts & Co taken five months back where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Coutts & Co as I am looking to purchase another property.
- Seven weeks ago I completed my mortgage with Coutts & Co since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be granted consent to let if I were to move in with him
- Are you able to confirm what the procedure would be if we purchased a new house and need to get consent to let for our existing mortgage with Coutts & Co
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
One thing to remember when arranging a consent to let mortgage with Coutts & Co is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
If your property is 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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