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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
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My fiance and I may need to lease our Camden home for a while due to a new job. This will be short-term but possibly for as long as 4 years. Should I tell Coutts & Co or am I best advised to not rock the boat?
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What options are open to me if my request to obtain consent to let is turned down by Coutts & Co?
- I have a one bedroom apartment but I am rarely there, exploring the option of renting it out. The mortgage is with Coutts & Co, would I have to change my mortgage rate or do I try to get consent to let?
- I have just received a mortgage offer with Coutts & Co. I am hoping to complete in the next few weeks, however I may potentially be moved overseas for work. Would it be possible for me to receive consent to let from Coutts & Co within a few months of completing. Do I have any other options?
- I was just curious as to whether Coutts & Co would give consent to let and what kind of fees, penalties and new rates etc
- When it comes to consent to let from Coutts & Co am I obliged to inform them every time we get a new tenant and send them a copy of the AST?
- How do I go about getting a consent to let application form from Coutts & Co and how quickly can I get the consent?
- My husband and I have a mortgage with Coutts & Co but am informed they have a stipulation that they do not grant consent to let the property to a local authority. Is this correct and if so, is there a way round this?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Coutts & Co consent to let information
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co