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
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Colin (my husband) and I may need to lease our Southwark home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as 4 years. Must I notify Leek BS or am I best advised to keep schtum?
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I'm about to ask Leek BS to obtain consent to let out my home in Leek BS. However the property has been on with agents for 5 weeks but there without a sniff of interest and paying a full mortgage, council tax and insurance on an empty house is hurting financially. What position would Leek BS take if I have the house on the market?
- I have a three bed apartment in Greenwich which I purchased in 2007 and which I have since remortgaged with Leek BS on a fixed rate which ends next September. If I want to lease out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when seeking consent to let?
- My husband phoned Leek BS on Monday regarding consent to let. He is expecting a call back. We have put an offer in on a garden flat that has been provisionally accepted so would like to know how likely it is that we will obtain consent to let by Leek BS?
- I’m about to finish the fixed rate period of my 2 year fix with Leek BS and go on to the current variable rate. Can you tell me if consent to let from Leek BS is a foregone conclusion, if there are fees, and if there conditions?
- I am endeavouring to figure out which mortgage providers are best for allowing consent-to-let without raising rates, and hopefully allowing in excess of two years where required. Is that something you can help with? We are particularly interested in Leek BS
- Please can you tell me the circumstances under which Leek BS will turn down a request for consent to let?
- I am currently in the process of applying for a mortgage through Leek BS - I foresee that in the coming months I may decide to let out the property - how would I switch the 1st time buyer mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
Omitting 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
Should the tenure of your property be 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 breach 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS