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.
Frequently asked questions relating to Skipton Building Society consent to lease
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Will Skipton Building Society exercise a right to change the rates on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their Buy to Let products'?
- I wish to move house. My question is whether consent to let will be granted on my property for me to then obtain a loan offer for the new house so I can effectively bid chain free and then let my house out when I move. Does Skipton Building Society give consent to let for a year? If so, and the rental goes well is it possible for the consent to let time limit be prolonged further?
- I'm looking to apply to Skipton Building Society for consent to let on my current residential property in Lewisham. I am hoping to release equity from my existing property ahead of this, and making use of that money to acquire a second residential property. I will move into that house whilst doing it up for nine months after which the intention is to sell it then move back to my current house. Is this something Skipton Building Society will consider consent to let for or does this fall outside the standard criteria?
- In a situation where a property owner opts to lease out their property without consent to let via Skipton Building Society - what, if any implication could there be for an agent acting for the landlord?
- I am interested in finding out more about the Skipton Building Society consent to let procedure and conditions for granting.
- Our Skipton Building Society mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Me and my wife took a mortgage with Skipton Building Society but am told they have a stipulation that they do not give consent to let the property to a housing association. Is this true and if so, can you suggest a method round this?
- Skipton Building Society - consent to let potential. Are you able to advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition 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
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.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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