Need Help?
Need professional advice for your consent to let with Harpenden 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 Harpenden Building Society consent to lease
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I am a FTB hoping to complete on a small house in Harpenden Building Society. I have a 40% deposit and expect a mortgage from Harpenden Building Society. My dilemma is that my fiancee owns a apartment in Dover and I anticipate moving in next month, when I would want to let out my property. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
- I am looking to emigrate to Germany . Rather than sell up, I wish to lease my current property out, just in case things don’t work out and I decide to return in one or two years. The current mortgage is with Harpenden Building Society. Would I be able to remortgage with another mortgage provider on a much lower interest rate then apply for Consent to Let once the re mortgage has completed?
- My partner and I may have to lease his property out. I realise that I must obtain consent to let from Harpenden Building Society. We plan to join a landlord association if we go ahead and let the property, but which one should we register with? We've seen the RLA and National Landlords Association.
- I am planning to use equity in my current house to purchase an additional property which I propose to live in whilst I renovate it. I would like to let out my existing property with the Harpenden Building Society loan. Is it likely that I would be issued with consent to let? House is worth £450 k with a £200k mortgage in place.
- I took a residential mortgage with Harpenden Building Society, and I would like to lease the house out, until I decide whether to sell or keep it as an investment. As things stand I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- I wondered whether you could help clarify the process for securing consent to let by Harpenden Building Society? Are there specific requirements such as you have to have owned the property for a year before its given?
- Am I required to negotiate consent to let if I let to a family member (in my case my mum now lives there and contributes towards the Harpenden Building Society mortgage)?
- Just wanted to know how to seek a consent to let from Harpenden Building Society who I have a mortgage with. There is an outstanding balance of 57k. The value of property is 245k. Its in my name but my wife and I would like to purchase a three bedroom second floor purpose built maisonette in Harrow we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Harpenden Building Society consent to let information
Tax and Legal
There may be various 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 may trigger your insurance becoming invalid. 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 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
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Harpenden Building Society your property may be repossessed