Need professional advice for your consent to let with Principality Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Doing everything by the book I’ve been leasing out my house with "consent to let" from Principality Building Society on a homeowner mortgage for the previous three years. Principality Building Society have just written withdrawing their consent to let unless we swap to one of their "buy to let" deals.
What options are open to me if my request for consent to let is rejected by Principality Building Society?
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.
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.
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.