Need professional advice for your consent to let with Hanley Economic Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Just wondered if Hanley Economic Building Society exercise a right to change the rates on a residential mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let range'?
Always on the look out for a money making scheme I am contemplating leasing out my cottage and make money from it during my vacation. It only a short term measure for four weeks. Is advanced consent to let from Hanley Economic Building Society required?
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.
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.
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.