Need professional advice for your consent to let with The Chorley & District Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I am a first time buyer looking to purchase a small house in The Chorley & District Building Society. I have a good size deposit with a mortgage from The Chorley & District Building Society. My predicament is that my partner owns a flat in Slough and I anticipate moving in next year, at which point I would have to let out my property. I understand that consent to let is required but it does not sound like a guaranteed option. Is there any advice you can impart?
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.
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.
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.