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.
Frequently asked questions relating to Beverley Building Society consent to lease
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Beverley Building Society have just granted me consent to let. After some effort, Beverley Building Society have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I would like to buy a second house having recently bought a 2 bed flat on normal mortgage. Looking to purchase in a few months time. I am told that I may have to get a consent to let from Beverley Building Society, my current mortgage provider? What is the best way to manage this and procure the consent required.
- We plan to rent out our flat in Bromley which is on a homeowner mortgage with Beverley Building Society . Clearly I will seek a consent to let. Assuming there is a charge for the consent to let can this amount also be categorised as incidental costs of financing and therefore allowable on my self assessment form to the tax authority?
- After retiring last month I purchased a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our kids and I have therefore asked Beverley Building Society for consent to let. I was just seeking a general view on whether Beverley Building Society currently allows it?
- How easy is it to get a consent to let from Beverley Building Society and what are the fees? If I want to let out my property for two months how simple is it to fluctuate between a normal mortgage and consent to let?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Beverley Building Society would grant consent to let from the start?
- I am after more information in relation to consent to let mortgages, potentially moving our existing mortgage with Beverley Building Society across to a consent to let one.
- I have a mortgage with Beverley Building Society taken 3 months ago where I moved from another lender. Can I now rent my property with consent to let from Beverley Building Society as I am planning to buy another property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further 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
One thing to remember when arranging a consent to let mortgage with Beverley Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 provisions in the lease may prevent 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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