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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.
Common questions relating to Coutts & Co consent to lease
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My wife and I have a Coutts & Co mortgage and are are not in arrears, in gainful employment etc. Do you know how much it will cost and if Coutts & Co are likely to give us consent to let without changing to a commercial rate?
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I was thinking of renting out my cottage and make money from it while I am on vacation. It will only likely be for a couple of weeks. Do I need consent to let from Coutts & Co?
- My wife and I are interested in finding out more about the conditions borrowers have to meet before consent to let from Coutts & Co is granted. Do you know if there are any restrictions on who can be issued with consent?
- Since we are relocating and failing to sell our property, we are thinking about renting it out. Am I required to disclose this to Coutts & Co? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I was thinking that as long as I continued paying on time it shouldn't be a problem, but am now concerned about insurance ramifications if we haven't got consent to let. Any advice?
- I own a house in Haringey. I would like remortgage with Coutts & Co and seek consent to let. I'm still within the redemption penalty period so not sure if it would trigger the penalty payment?
- If I have an existing standard mortgage with Coutts & Co and am planning to rent it out in the future will I be granted consent to let? What is the procedure and what needs to be done next?
- Me and my wife and I would like to obtain consent to let on a house where we have a mortgage with Coutts & Co. If issued, how long would consent be given for? In asking for consent to let from Coutts & Co are we running the risk of them forcing us to change deal to B2L
- I have a mortgage with Coutts & Co. I am considering moving out and letting out my house. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
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 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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co