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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
- My partner and I are presently 1 year into a year fixed rate mortgage with Leek BS. We would like to purchase a bigger second property in the next few months however would like to retain the first home and I was wondering what reason we could put down on the consent to let form to obtain consent to from Leek BS
- My fiancee and I are FTBs, presently renting. We want to purchase a garden flat in Merton. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we have to seek a B2L mortgage? Would it be possible to take a normal mortgage with Leek BS, even though we won't be moving in straight away? Alternatively could we reside there for a couple of months, then start renting it with consent to let from Leek BS? I'm only willing to consider suggestions that are fully legitimate, and have no intention of contravening the terms of the mortgage with Leek BS.
- At present I have a residential mortgage with Leek BS. I have been offered a house as part of my job and wish to let out my current house. The financial broker has advised me it is a formality. Can you give me some information please?
- As a result of a change in personal circumstances my wife and I are moving to my parents house while they are away and letting our home out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to remortgage in the next year will we then transfer to a BTL product. We will definitely return to our property at within the next nine months?
- I am looking at moving abroad for work and would like consent to let from Leek BS whilst I am away. Is the way forward to prepare a letter requesting consent to let and send it off in the post to Leek BS? Letting the property isn't to make money but to retain the property in case things don't turn out as well as we hope
- I have a 1st time buyer mortgage with Leek BS which is only eight weeks in but I have been relocated with work. Is it possible to get consent to let from Leek BS for a mortgage that has only recently started and I have just bought the property?
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a normal mortgage with Leek BS
- I have a mortgage with Leek BS taken three months ago where I moved from another lender. Am I now able to rent my property with consent to let from Leek BS as I am looking to purchase a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Leek BS consent to let Questions and Answers
Tax and Legal
There are numerous potential 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS