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
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Can Leek BS invoke a right to increase interest rates on a residential mortgage where Consent to Let at any time, onto ‘rates in line with their BTL products'?
- After 17 years in the capital, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with Leek BS. In Haringey, we are be looking at a 4 bedroom house around the £350k mark. Ideally, we would like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new mortgage provider Leek BS. If granted what are the likely conditions?
- Am I required to notify Leek BS of my plan to take in a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you shed any light on this? I am taking independent advice on the insurance, legal and tax ramifications.
- My husband phoned Leek BS on Friday concerning consent to let. He is expecting a call back. We have placed an offer in on a one bedroom apartment that has been accepted in principle so would like to know how likely it is that we will obtain consent to let with Leek BS?
- My husband and I have already let but only just realised Leek BS ought to have been notified and consent to let applied for - what's the best course of action now?
- As a result of work opportunities I will be moving to Scotland and would like to let out my flat temporarily, are you able to confirm what action I need to take in order to obtain consent to let from Leek BS?
- We are soon to switch lender to Leek BS for a fixed rate but during this period would need to rent the flat out for just under 12 months. Do Leek BS consent to let on fixed rate mortgages and if so, what are the costs.
- I am looking to get consent to let with my Leek BS residential mortgage. It is a 3 bedroom house. Do Leek BS grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Leek BS consent to let Info
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
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 regular 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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed