Need professional advice for your consent to let with Barnsley Building Society (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.
Soon to be packing up as my husband and I will move back to Beijingin Month, possibly short-term but potentially longer term. I'm in the process of writing to Barnsley Building Society for consent to let out our property (we have already found tenants). The mortgage has been in place with Barnsley Building Society for 9 years and there have been no arrears. Barnsley Building Society say, that even if they consent to the letting, that this will be limited for a single year. And then what?
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.
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to advise 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.