Need Help?
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.
Beverley Building Society Consent to Lease Example Support Desk Enquires
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Do I need consent to let from Beverley Building Society or can I let my basement flat without telling Beverley Building Society and being forced to switch to a B2L loan?
- I have a house in Redbridge but I am moving with my girlfriend to a different town for career reasons and moreover close to her university. I would prefer to keep my property but not sure I can afford a buy to let mortgage. It will only be temporary -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Beverley Building Society. Is there a chance I won't be approved for consent to let?
- I need to see if I can obtain consent to let on my current home. I have a mortgage with Beverley Building Society but my circumstances have changed. I'm looking to move in with my partner and daughter who have a house and is larger than my 1 bed flat. I doubt I will qualify for a buy to let mortgage as I don't have money for a deposit nor do I earn more than £25000 per annum.
- I have an annex that my dad is planning to move out from. As the main house is large I was considering moving into the annex and rent the rest out. This is also due to change of circumstances. Would I need a consent to let from Beverley Building Society?
- How much of my mortgage allowance will be made available to draw down on if I convert my mortgage to a consent to let with Beverley Building Society?
- My mortgage has been with Beverley Building Society for ten years. I would like to apply for consent to let my house. I have been waiting for a response from Beverley Building Society. Could you please check and help?
- Is consent to let required from Beverley Building Society if I am planning to live in the apartment myself for part of the year? In addition if I gain consent to let for a limited time, say up to twelve months, what happens after that.
- Just a quick one. Will Beverley Building Society force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Beverley Building Society consent to let Info
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the lease may prohibit 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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