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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.
Leeds Building Society consent to let: Q and A’s
- I let my property last June and didn't tell Leeds Building Society. I have a three year residential mortgage (large amount of equity in it, never defaulted) and want to let Leeds Building Society know and get consent to let for the final 24 months of my mortgage . I am unsure what to do.
- My husband and I are in a tricky mortgage scenario in the last couple of month. We have to lease our apartment with consent to let and move to a new to be nearer to my parents. We now rent a home. We are finding it extremely difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- I purchased my maisonette in Sutton last June and have a two year fixed rate mortgage with Leeds Building Society. Looking to move in with my fiance within the next 6 months and wish to let out my property. Would like to be better informed as to the process.
- How long after getting a new mortgage will a consent to let be likely to be granted by Leeds Building Society? By way of history I purchased my flat in Hounslow nearly two years ago and am currently on a fixed term for 3 years. I subsequently met my partner and now we are looking at moving in to his place. I intend to get a better fixed term next October. I assume that I would have to wait at least half a year before I could request a consent to let. Is that right?
- Due to career opportunities I will be relocating to Wales and would like to let out my flat temporarily, are you able to confirm what steps I need to take in order to achieve consent to let from Leeds Building Society?
- My wife and I have a fixed rate mortgage with Leeds Building Society and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the implications of making the change and any facts that we need to be aware of.
- Am I required to wait for consent to let to be issued on my current residential mortgage with Leeds Building Society before applying for a resi mortgage on a new property?
- Was wondering how to precure a consent to let from Leeds Building Society who I have a mortgage with. There is an outstanding balance of 57k. The value of flat is 245k. Property is in my name but my wife and I would like to purchase a one bedroom apartment in Havering we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Leeds Building Society consent to let Advice
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
If your property is 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 violation of 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leeds Building Society