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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.
Top Five Questions relating to Beverley Building Society consent to lease
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Always on the look out for a money making scheme I am contemplating leasing out my home and make money from it while I am on holiday. It only a short term measure for ten days. Is advanced consent to let from Beverley Building Society required?
- What is the process for obtaining consent to let from Beverley Building Society? What documents do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than let out the property?
- Would a mortgage Early Redemption Charge be tax-deductible on Buy to Let flat? This time last year I was thinking of applying for consent to let from Beverley Building Society on my flat but I ended up switching mortgage provider to get a BTL mortgage. I had to pay an early repayment penalty as I was still in a fixed rate period.
- I wish to know what the criteria is for Beverley Building Society for consent to let. I have come across various suggestions in relation to fees and rates. I need to relocate for career reasons but can not sell the house due to a difficult market.
- Is it possible to remortgage with Beverley Building Society with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- Me and my husband took a mortgage with Beverley Building Society but am told they have a policy that they refuse to issue consent to let the property to a housing association. Is this right and if so, can you suggest a method to bypass this?
- In the event that I was successful in obtaining consent to let from Beverley Building Society, could I sell during the consent period? Is it possible that I would incur any charges?
- I am looking to get consent to let with my Beverley Building Society residential mortgage. It is a mid terraced house. Will Beverley Building Society grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Beverley Building Society your property may be repossessed