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.
Recently asked questions relating to Leek BS consent to lease
- Me and my partner and I I have a residential mortgage with Leek BS but I would like to occasionally let the property out on AirBnB....am I obliged to obtain consent to let from Leek BS?
- I need to see if I can receive consent to let on my existing home. I have a mortgage with Leek BS but my circumstances have changed. I'm about to move in with my partner and daughter who have a house and is larger than my small property. I am unlikely to qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
- I remortgaged with Leek BS recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a second property for residential purposes and lease the existing property out with consent to let. Is that likely to land me in hot water?
- I am intent on buying a property, letting two of the rooms out to help cover the loan with Leek BS, and then moving on in two or three years - at which point the property would be fully rented. How likely is it that Leek BS would frown upon this as I will have been granted a owner-occupier homeloan as opposed to a B2L or consent to let? I've read that the worst possible outcome is that they can repossess the property, is this true?
- My wife and I have a consent to let letter that I have procured from my management company. I would think I need to send this with a letter to Leek BS with a view to getting a consent to let from them. What address shall I forward it to?
- I took a standard mortgage with Leek BS - about 32% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could let out the property?
- I wish to apply for consent to let from my mortgage provider Leek BS to lease out my property. This is due to me relocating. Do Leek BS grant consent to let in this scenario?
- My wife and I may need to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell Leek BS or am I best advised to keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Leek BS consent to let Questions and Answers
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 provisions in the lease may prevent 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 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 commencing legal proceedings 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 Leek BS