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.
Common questions relating to Coutts & Co consent to lease
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A friend of mine suggested that this Christmas I rent out my apartment and generate some income during my vacation. I only plan to be away for a fortnight. Will consent to let be needed from Coutts & Co?
- I have a 1st time buyer mortgage with Coutts & Co and will be joining the Royal Fleet Auxiliary in August. 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 Lewisham and move in with my brother when on shore. Will this be granted?
- What are the chances of Coutts & Co in giving Consent To Let on a one bed flat? It is currently on the market and it has been for three months. I am keen to sell but I'm concerned that if there is no interest I will need to let out the property in order to cover the mortgage to Coutts & Co (I do not now reside there). I would prefer to be honest with Coutts & Co than not tell them but I am worried as to how helpful they would be.
- My fixed deal runs out mid next year and I'm planning on fixing for another 4 years with Coutts & Co, hopefully rates will still be low. In in next couple of years I may want to move for a couple of years to a different county. How simple is it to get consent to let by Coutts & Co under this situation? Assuming that monthly rent payments would be about £175 above the Coutts & Co mortgage payments.
- Can I remortgage with Coutts & Co with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- I own a house in Haringey. I would like remortgage with Coutts & Co and seek consent to let. I'm still within the Early Redemption Charge period so not sure if there such a thing as porting to some property?
- I have had my mortgage with Coutts & Co for the past twenty months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- Please can you provide me with details of how to go about obtaining consent to let from Coutts & Co and what, if any, fees I face.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Coutts & Co