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.
Skipton Building Society consent to let: Q and A’s
- I have had consent to let by Skipton Building Society for a while now and they now wish to speak to me and I expect their plan is to rid themselves of me. Are you able to assist?
- I am interested to know how difficult is it to obtain consent to let with Skipton Building Society. I'm intending to opt for a fixed residential mortgage and hope to live there but want to know what options are open to me if work has opportunities elsewhere for eg in two to three yrs Please let me know how challenging it is in your experience with Skipton Building Society?
- I want a bit of preliminary guidance to see consent to let is a sensible proposition. I bought my flat 7 months ago by transferring an existing Skipton Building Society mortgage product. My fixed rate expired three months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Skipton Building Society, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a B2L mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a viable option for myself and 2) I need to raise additional capital to meet the 65% LTV ratio required for a BTL mortgage. It would be preferable to receive consent to let from Skipton Building Society for 1-2 years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, reoccupy it.
- My OH and I are looking to lease out our garden flat in Camden in July. I would like some suggestions on what I need to do. I've just moved our Skipton Building Society mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- If I were to apply for consent to let from Skipton Building Society what is the time scale Skipton Building Society would take to make a decision?
- I already have a mortgage with Skipton Building Society. I am considering renting and buying another property but this is all alien to me. What is the procedure for consent to let?
- In the event that I was successful in obtaining consent to let from Skipton Building Society, could I sell during the consent period? Is it possible that I would incur any charges?
- I am fixing my homeowner mortgage with Skipton Building Society but due to work related issues I will probably have to go abroad for a couple of years. Will Skipton Building Society allow and give consent to let and will any penalties be applied in such a situation
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 Info
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 Skipton Building Society 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 standard 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
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Skipton Building Society your property may be repossessed