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.
I am about to join the property ladder looking to purchase a small house in Barnsley Building Society. I have a 50% deposit and expect a mortgage from Barnsley Building Society. My dilemma is that my fiancee has a flat in Slough and I anticipate moving in next year, when I would have to let out my house. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
There are numerous potential 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.
One thing to remember when arranging a consent to let mortgage with Barnsley 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 regular 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
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 breach of the lease. This could potentially result in 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.