Need Help?
Need professional advice for your consent to let with Leeds Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Leeds Building Society consent to let
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Can a new mortgage be taken on a consent to let with Leeds Building Society?
- I am looking to acquire a maisonette in Haringey. My intention is to reside there for 6 months, and subsequently move into a bigger flat. As opposed to selling the first apartment my preference would be to rent it out so that it becomes an investment. Do you know if Leeds Building Society would issue consent to let in such a scenario?
- I sought consent but was turned down as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Leeds Building Society but will they give me consent straight away?
- I took a mortgage out on a garden flat last August however I will be working outside of commuting distance of Ealing for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Ealing so would like to keep it. How difficult is it to get consent to let from Leeds Building Society and what is the procedure ?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Leeds Building Society? Are you able to help?
- Leeds Building Society. Will they grant consent to let a property for a couple of years? I will move back in again as an occupier.
- We need to contact Leeds Building Society to enquire about leasing out my property. Do they post a form to me. Can I not download this from the site?
- I wish to get consent to let from Leeds Building Society for a few years until I can turn it into a B2L. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Leeds 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 Leeds 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 lease may prohibit you from letting or require that you to have a license to do so from 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
Failure 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 Leeds Building Society your property may be repossessed