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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.
Top Five Questions relating to Yorkshire Building Society consent to lease
- My wife and I have a residential mortgage with Yorkshire Building Society. This has been in place since 2006. We are potentially leasing out our house and renting in a village near our children's school until a suitable home becomes available to buy. Do Yorkshire Building Society usually grant consent to let and if so, what are the financial consequences?
- I am wanting to contact my lender Yorkshire Building Society explaining the following logic for me asking for consent to let ; "I am struggling paying the mortgage and want to move to a smaller property but can't sell. I wish to avoid failing to make payments and have thought about giving back the property to you. If you granted consent to let this will likely solve things." What are the chances that this will convince them to grant me consent to let?
- I have had a Yorkshire Building Society mortgage for just over nine months but I discovered yesterday that I am about lose my job. I would like help getting consent to let from Yorkshire Building Society
- Is it correct that lenders (my home loan is with Yorkshire Building Society) have changed tune and are now taking a more lenient approach towards consent to let? A broker recently mentioned to me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a homeowner to a Buy to let I am moving to a regulated product. He suggested that under the current regulation banks are reluctant to allow customers do this, which is likely why some mortgage providers will let customers obtain consent to let but not transfer to a Buy to let product. Is this correct?
- I have a Yorkshire Building Society home loan currently and may want to let it out for a short period of time with consent from Yorkshire Building Society for (two years). How easy is it to obtain consent to let?
- We are looking to place my residential property on rent due to job commitments and was curious if this is possible to get consent to let. It is on a fixed rate mortgage with Yorkshire Building Society until 2017 October
- I are considering applying to Yorkshire Building Society to obtain consent to let our house, how long does it take between sending the forms to us finding a letting agent and listing our house for rent? and are there any other steps we will need to go through?
- Me and my OH and I would like to obtain consent to let on a house where we have a mortgage with Yorkshire Building Society. If granted, 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 BTL
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Yorkshire Building Society consent to let Questions and Answers
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
If 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 inform 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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Yorkshire Building Society your property may be repossessed