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.
Questions and Answers: Yorkshire Building Society consent to let
- I have been granted consent to let from Yorkshire Building Society for some time now and they now wish to speak with me and I expect their motive will be to rid themselves of me. Are you able to assist?
- Existing apartment valued at £97,000. Yorkshire Building Society mortgage owing £20k with 8 years to run. Seek consent to let via Yorkshire Building Society for current property and make use of income to pay off what is left of the loan. Apply for sixty per cent Yorkshire Building Society mortgage on new house that I will consider to be my main address? Can this be done?
- Is it legal to rent out our property without consent to let from our lender? I recognise that initially we signed a declaration stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other premises at the time, but what about property after the event? Can you acquire a further property, receive a gifted property?
- Me and my partner purchased a flat in Leeds and will be moving to Kent at the beginning of January. I have a letting agency and tenant lined up. I was planning to keep quiet as I'm afraid Yorkshire Building Society will say I have to change my mortgage rate over to a buy to let which is not economically viable. I would like to gain a consent to let via Yorkshire Building Society but am afraid if I come clean it would lead to a whole host of problems
- I currently have a mortgage with Yorkshire Building Society that I would like to transfer to a consent to let as we have identified another property we are looking to purchase. How do I go about procuring consent to let from Yorkshire Building Society?
- Seven weeks ago I completed my mortgage with Yorkshire Building Society since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be granted consent to let if I decided to move in with him
- What, if any, income criteria do Yorkshire Building Society set for consent to let on an existing standard mortgage?
- I was wondering if you could help. I require consent to let from Yorkshire Building Society and was wondering if this option would be possible for me to switch to as I must move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Yorkshire 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 could 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Yorkshire Building Society your property may be repossessed