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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.
Skipton Building Society Consent to Lease Example Support Desk Enquires
- I have a house that's currently under shared ownership (My share is 60%) and I bought it in Aug 2014. I am currently going through the full purchase of the house. My partner and I have also got a further house that we are looking to buy. Mortgage in principle has been approved by Skipton Building Society. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new home
- I rented my house out for three years between 2009-2012 while working Amsterdam. I have a letter dated June 2010 from the building society granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not changed product since the letter was sent. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Skipton Building Society for the house I intend to purchase.Can this be right
- I applied for consent but I did not get it as I did a remortgage in May but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Skipton Building Society but will they give me consent straight away?
- I may have the chance to go and work abroad in a couple of years. I am therefore potentially downsizing to a newer flat in Southwark which I could rent out with less difficulty as and when required. The intention is to keep 50% equity in the new flat which would be my home for a while. My existing lender will only provide consent to let for a year. I expect to be renting it out longer term and not having consent could land me in a whole host of trouble. Buy-to-let seems wrong given that I will be living there, maybe for 2-3 years initially. What type of mortgage should I be seeking, and from whom? Would, for example, Skipton Building Society provide consent to let for a longer period?
- I am looking to get consent to let on my Harrow flat from Skipton Building Society. I will be going abroad for a year and so want to know if I can rent out my flat
- I was just wondering if Skipton Building Society were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- Is it the case that a previous extension to a mortgage term with Skipton Building Society be held against us when we applied to Skipton Building Society for consent to let.
- One year into a homeloan with Skipton Building Society due to job offer.. need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Skipton Building Society consent to let Questions and Answers
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming null and void. 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 restrictions are not strictly observed 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 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 Skipton Building Society your property may be repossessed