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.
Leek BS Consent to Lease Example Support Desk Enquires
- I have exchanged contracts for an off plan property in which I was going to move into, but my boss has offered me a posting abroad for three years, can I let the new property with consent to let from Leek BS.
- I have a residential loan with Leek BS. I would like to buy a second house and my financial adviser suggested I seek consent to let. As far as I am aware they would only grant consent to let if I have the intention to go back to my current home. Your view would be appreciated?
- My house had been tenanted for three years from 2010-2013 while working Amsterdam. I have a letter dated June 2010 from the lender granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not be sufficient for the new lender Leek BS for the house I intend to buy.Can this be right
- I bought a one bedroom apartment in Islington in 2008 and remortgaged with Leek BS on a rate which expires in the later this year. If I go overseas for work and want to let out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- My partner and I have a Leek BS mortgage currently and may want to let it out for a limited period of time with consent from Leek BS for (two years). Is this possible?
- I am interested in finding out more about the Leek BS consent to let procedure and conditions for granting.
- Are you aware of any flexibility in the accepted equity amount before transferring from an existing Leek BS mortgage to a consent to let?
- Do you know whether there a time limit on a consent to let from Leek BS? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS