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 have a residential mortgage over my residence in loc and intend to move to country for two years. During this time I want to lease out my flat. My bank says I cannot have consent to let. It’s hardly ideal to move to a buy to let mortgage as it’s only for a short period that I am going away for.
What is the most extreme action Barnsley Building Society can take if I have let out my house in the absence of consent to let?
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.
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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure 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.