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.
Examples of recent questions relating to Leek BS consent to let
- My husband and I are interested in finding out more about the conditions customers have to satisfy before consent to let from Leek BS is granted. Are there any restrictions on who can be issued with consent?
- My partner and I I have a residential mortgage with Leek BS but I would like to occasionally rent the property out on AirBnB....am I obliged to obtain consent to let from Leek BS?
- Do you know if an ERC would qualify as a legitimate expense to be offset against tax for a BTL property? Last year I was going to apply for consent to let from Leek BS on my flat but I ended up changing mortgage provider to get a BTL mortgage. I had to pay an early redemption charge as I was still in a fixed rate period.
- Am I obliged to inform Leek BS of my plan to rent a caravan out on the grounds of my property. Can you shed any light on this? I am seeking separate advice on the insurance, legal and tax side of things .
- I have a mortgage with Leek BS on a three year fixed term contract. I could have chance of a teaching post overseas next summer. Am I eligible for consent to let via Leek BS if I took this job abroad?
- Would a previous extension to a mortgage term with Leek BS work against us once we applied to Leek BS for consent to let.
- Am I required to obtain consent to let if I rent to a family member (in my situation my father now lives there and contributes towards the Leek BS mortgage)?
- Do Leek BS give consent to let? I am just considering this in order to move house in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Leek BS consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed