Need Help?
Need professional advice for your consent to let with Beverley 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 Beverley Building Society consent to let
- I need to change my domestic mortgage with Beverley Building Society to a consent to let and looking for some advice please... I purchased my first home in Hendon fiveyears ago. After a new job opportunity I moved to Belfast, and a few months ago got a residential joint-mortgage with my boyfriend. I am inclined to keep with Beverley Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Beverley Building Society turn me down what lenders should I approach.
- Is it possible to convert a homeowner mortgage with Beverley Building Society to a consent to let. It will be less than 70% loan to value and it would alter from capital and interest repayment to an interest only loan?
- We bought a apartment in Newcastle and will be moving to Devon at the beginning of the month. I have a letting agency and tenant ready. I was planning to keep quiet as I'm concerned Beverley Building Society will say I have to change my mortgage rate over to a buy to let and am unable to afford that. I appreciate that it would be preferable to secured a consent to let via Beverley Building Society but am afraid if I open Pandora's box it would lead to a whole host of issues
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from Beverley Building Society? To give some history I purchased my apartment in Redbridge 2 years ago and am currently on a fixed term for 3 years. Not long after I met a guy and now we are looking at moving in to his place. I intend to get another fixed term next October. I assume that I would have to hold off for at least 6 months before I could apply for consent to let. Is that right?
- I am deliberating on renting my flat will Beverley Building Society charge me for a consent to let letter?
- I have a mortgage with Beverley Building Society on a three year fixed term contract. I may have an opportunity for a teaching post overseas next summer. Am I eligible for consent to let by Beverley Building Society were I to accept this opportunity overseas?
- Should I decide to apply for consent to let from Beverley Building Society how long will it take to hear back?
- I have Beverley Building Society mortgage and am thinking of renting out the property. I am lead to believe that I would need a consent to let to do this...is that right ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Beverley Building Society consent to let Advice
Tax and Legal
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.
Insurance
One thing to remember when arranging a consent to let mortgage with Beverley 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
Leasehold properties
If your property is leasehold, the lease may prohibit 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 your covenants under 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.
If you do not keep up the payments on your mortgage with Beverley Building Society your property may be repossessed