Need professional advice for your consent to let with Tipton Coseley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Can Tipton Coseley Building Society choose to operate a right to change the rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL range'?
I have been letting out my flat with "consent to let" from Tipton Coseley Building Society on a residential mortgage for the past 24 months. Tipton Coseley Building Society have now advised that they are retracting their consent to let if we do not transfer to one of their "buy to let" loans.
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.
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.
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 trigger the freeholder commencing forfeiture proceedings.
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.