Need Help?
Need professional advice for your consent to let with Leek 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 Leek BS consent to lease
- I have a residential property but I am moving with my girlfriend to a different city for career reasons and moreover near her university. My preference is to keep my property but it is unlikely that I can afford a buy to let mortgage. It will only be short term -two years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Leek BS. Is there a chance I won't be approved for consent to let?
- Good morning, I have consent to let my house with Leek BS and am about to give my tenant two months notice as I want to sell the property. I am worried about the property being vacant once the tenant goes and finding a purchaser. I have never defaulted on the account, would it be possible to take payment holidays pending the sale of the property?
- What is the maximum period of time permitted by Leek BS that I would be able to let my property before having to change mortgage or sell my house? In essence, my boyfriend has asked me to move in with him and I really want to hold onto my house. I would like the security of knowing I still have my own home.
- As a result of a change in family circumstances my husband and I are moving to my mum and dad’s house while they are away and letting our flat out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to refinance in the next 12 months will we then switch to a BTL product. We intend to return to our property at within the next nine months?
- We are deliberating a remortgage and also thinking of renting the property in the years to come - Is there a cost with Leek BS to get consent to let and what are the requirements?
- I am looking to place our matrimonial home on rent due to work commitments and was curious if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Leek BS at the moment until 2018 September
- I am already letting out my flat but may have been sussed out. I have five months remaining on my fixed rate. Is it simple to get consent to let from Leek BS. Is it just a quick phone call, pay the charge and it's done there and then?
- I was wondering if you are able to help. I do not have consent to let from Leek BS and would like to know if this option would be possible for me to switch to as I need to move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Leek BS consent to let information
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 Leek BS 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 standard 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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Leek BS your property may be repossessed