Need Help?
Need professional advice for your consent to let with Yorkshire Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Yorkshire Building Society consent to let
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I have a standard mortgage over my property in loc and am due to relocate to country for two years. During this time it makes financial sense to rent out my house. My mortgage provider refuses to issue a consent to let. I don’t really want a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- How much does it cost to receive consent to let via Yorkshire Building Society and is there a minimum period of time I should have had the mortgage for?
- I have been leasing my flat to a tenant for three years but not on a BTL mortgage because I naively considered that you only needed a buy to let if you had more than one property. In trying to purchase a further property, I found that I should have had consent to let at the outset from my lender Yorkshire Building Society. I'm wondering whether I can now ask Yorkshire Building Society for a consent to let?
- How long after taking out a new mortgage do I have to wait before I can seek consent to let from Yorkshire Building Society? By way of history I bought my flat in Harrow 2 years ago and am currently on a fixed term for 3 years. Not long after I met my partner and plan to move in together. I am planning to get another fixed term next July. I assume that I would have to hold off for at least 6 months before I could apply for consent to let. Is that correct?
- Were we to ask for a consent to let letter from Yorkshire Building Society will we be required to switch to buy to let mortgage? Our mortgage is with Yorkshire Building Society and as houses are not currently selling and we have seen one we like we were going to rent our home out in order to buy the new and sell this one when the local market improves.
- My son has a mortgage with Yorkshire Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the procedure and charges involved?
- One year into a mortgage with Yorkshire Building Society due to job offer.. need to move. Do you think I can get buy to let or consent to let.
- Just a quick one. Will Yorkshire Building Society force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Yorkshire Building Society consent to let information
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
One thing to remember when arranging a consent to let mortgage with Yorkshire 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 provisions in the lease may prevent 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 violation of 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 taking legal action against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society