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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.
Questions and Answers: Skipton Building Society consent to let
- My daughter is going to work abroad for twelve months and wants to rent her property out. She has a Skipton Building Society fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- My fixed deal expires June 2017 and I'm planning on fixing for another 4 years with Skipton Building Society, hopefully rates will still be low. In in next couple of years I may want to move temporarily to a different city. How difficult is it to get consent to let by Skipton Building Society under this situation? Assuming that monthly rent payments would be about £250 more than the Skipton Building Society mortgage payments.
- Since we are relocating and unable to sell our flat, we are mulling over letting it out. Is it necessary to advise Skipton Building Society? I have a hunch that Skipton Building Society might change our terms. I was hoping that if I continued paying on time it shouldn't be an issue, but am now worried about insurance consequences if I have let my property out on the sly. Any thoughts?
- We have an offer accepted to buy a property, we have a deposit of between 10-15% for a domestic mortgage with Skipton Building Society. The one concern is we are due to go overseas in two months for work. We are going through our financial adviser. He says if you tell this to Skipton Building Society in advance you will need to get a buy to let. Do go ahead with residential mortgage with Skipton Building Society, in a couple of months ask them if I can have consent to let? Otherwise, do we try and contact Skipton Building Society at this point and say there is a chance we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm in advance that it should not be a problem
- The prevailing mortgage is with Skipton Building Society, but I am going to move out for approximately a year as we need to be closer to my wife’s parents. Will Skipton Building Society give consent to let?
- My partner and I have a owner-occupier mortgage with Skipton Building Society and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the ramifications of making the change and any facts that we need to be aware of.
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Hackney. How likely are we to be given consent to let by Skipton Building Society without being forced into a new rate.
- Last month I purchased a house with 10% deposit for personal uses. A homeloan was taken with Skipton Building Society. However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from Skipton Building Society and put the property up to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Skipton Building Society consent to let Advice
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 may result in your insurance becoming invalid. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in 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 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