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.
Examples of recent questions relating to Yorkshire Building Society consent to let
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In a worst case scenario what action Yorkshire Building Society can take if I have Sublet my flat in the event that consent to let is not forthcoming?
- My girlfriend and I (co-owners) are considering switching our mortgage to Yorkshire Building Society. I was doing some research concerning consent to let from Yorkshire Building Society to understand the rules around potentially leasing our existing flat out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about three years ago. We are living there at the moment.
- I own a property that's presently under shared ownership (My share is 60%) purchased in Aug 2014. I plan to go through the full purchase of the house. My partner and I also have in mind a second house that we are hoping to purchase. Mortgage in principle has been approved by Yorkshire Building Society. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new house
- My mortgage with Yorkshire Building Society has been in place for just over six months but I recently found out I am about lose my job. I would like advice on applying for consent to let from Yorkshire Building Society
- I want to take in in a lodger for my maisonette in Greenwich which I live in. My mortgage is with Yorkshire Building Society. Will they grant consent to let?
- I might be looking to lease out my property and wondered what I would need to do to get consent to let from Yorkshire Building Society. I may be moving abroad for a year.
- Was wondering how to get a consent to let from Yorkshire Building Society with whom I have a mortgage with. There is an outstanding balance of 57k. The value of property is 245k. Its in my name but my wife and I would like to purchase a three bedroom ground floor purpose built flat in Lewisham we have seen together. How do we go about it?
- We would like to obtain consent to let on a house where we have a mortgage with Yorkshire Building Society. If issued, how long would consent be given for? In asking for consent to let from Yorkshire Building Society are we running the risk of them forcing us to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Yorkshire Building Society consent to let Info
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
If your property is 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society