Need Help?
Need professional advice for your consent to let with Skipton Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Skipton Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Soon to be packing up as my husband and I plan to return to Beijingin Month, possibly short-term but it could be longer term. I have contacted Skipton Building Society for consent to let out my property (we have already found tenants). I have had a mortgage with Skipton Building Society for 9 years and there have been no arrears. Skipton Building Society tell me, that even if they give permission, that this is a short term consent for a period of twelve months. After the year is up what happens next?
I am a first time buyer hoping to complete on a detached house in Skipton Building Society. I have a healthy deposit will be getting a mortgage from Skipton Building Society. My dilemma is that my partner inherited a flat in Maida Vale and I anticipate moving in next year, at which point I would want to let out my property. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
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.
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
Should the tenure of your property be leasehold, the lease may prohibit 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 your covenants under 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 obtain their consent in writing.