We came across an interesting article at City Rental Services from the Sunday Times, highlighting how failure to read the small print in his home load deal landed one landlord borrower on a national fraud database.
Landlords in Bristol should be aware that homeowners who let their properties without informing their mortgage lenders can be hit with heavy financial penalties and even being reported for fraud.
Your lender will usually permit the letting of a property, but permission has to be given prior to the commencement of any tenancy. If you don’t, they could claim a breach of residential mortgage terms and conditions.
It’s critical to ensure that as a new landlord in Bristol you’re ready to rent your property, and have all legal matters in hand: property management looks simple at first, but there are stringent rules and legislation in place.
Why not contact CRS for a few simple guidelines on the whys and wherefores of how to prepare you and your property prior to entering the letting market.
If you’d like to find out more about our central Bristol lettings agency, please feel free to get in touch here.