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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.
Questions and Answers: Leek BS consent to let
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I intend to let out my flat to some tenants who have asked me for sight of my ‘consent to let’ from Leek BS, my bank. Why would they ask for this
- My boyfriend and I (co-owners) are thinking of refinancing with Leek BS. I was doing some research concerning consent to let from Leek BS to understand the rules around potentially leasing our existing flat out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about two years ago. We are living there now.
- My brother and his fiance currently lodge with me at my apartment. Next Summer I would like to move out of the property and in with my OH. Is it possible to get consent to let from Leek BS after only having the mortgage for less than half a year?
- I have an annex that my mum has vacated. As my property is large I was thinking to move into the annex and lease the remainder out. This is also due to change in my personal situation. Would I require consent to let from Leek BS?
- I previously took a mortgage with Leek BS, but I have to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for twelve months (by living near her mum and dad and getting support) in a greener more relaxed part of London.
- I was just looking into consent to let as it's something potentially I require from Leek BS within the next year. Our family circumstances has changed, and I would like to lease my home out
- I have a standard mortgage with Leek BS which is only seven weeks long but I have been moved abroad with my job. How easy is it to get consent to let from Leek BS for a mortgage that has only recently commenced and I have just bought the property?
- I have a residential mortgage with Leek BS. I acquired the property in November last year. Is it possible to get consent to let.
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Caveats to be read in in addition to 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
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 to have a license to do so from the freeholder. If such terms are not adhered to 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.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed