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Need professional advice for your consent to let with Beverley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Beverley Building Society consent to let
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Helen (my partner) and I may need to rent out our Harrow home for a while due to a career opportunity. This will be temporary but perhaps for 2 years. Must I notify Beverley Building Society or am I best advised to remain silent?
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We've been renting my wife's old house out with "consent to let" from Beverley Building Society on a standard mortgage for the last three years. Beverley Building Society have just written withdrawing their consent to let unless we transfer to one of their "buy to let" deals.
- Current property worth £250k. Beverley Building Society mortgage owing £25k with 8 years left. Apply for consent to let from Beverley Building Society for current residence and use income to pay off what is left of the loan. Take out 65 % Beverley Building Society mortgage on further property that I will consider to be my primary residence? Can this be done?
- Much to my surprise I have been offered a once in a lifetime job opportunity for 6 months in New York. I have enough money to meet the monthly Beverley Building Society mortgage yet the block insurance requires that the property must be occupied in order not to be invalidated. Last winter the roof had some leaks that were repaired. Should there be any problems during the winter months I would find it hard to cover the remedial works. Would I be eligible for consent to let via Beverley Building Society for a limited period?
- My husband and I are having to move to Kenya for a couple of years for my job but I don't want to convert the mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Beverley Building Society charges extra on the interest? Is there any work around?
- We have a mortgage with Beverley Building Society at the moment and just wondering about the processes of getting a 'consent to let'
- We have a mortgage with Beverley Building Society and would be thinking about buying another main residence and then subsequently renting our current home out. Do I need consent to let from Beverley Building Society?
- I have a 1st time buyer mortgage with Beverley Building Society which is only seven weeks long but I have been moved abroad with my job. How easy is it to get consent to let from Beverley Building Society for a mortgage that has only just started and I have just bought the property?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Beverley Building Society consent to let Questions and Answers
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Beverley Building Society your property may be repossessed