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.
Sample questions relating to Beverley Building Society consent to let
- I've got an existing mortgage with Beverley Building Society approaching 2 years and the fixed rate is about to come to an end. We are thinking of taking equity out of our existing address to allow us to purchase a bigger house and then rent out the current ground floor flat. The initial advice we received was that we should get a new residential mortgage allowing for consent to let - can you clarify what is involved?
- We are a young couple and we have identified a home flat in Haringey that we like and want to get a mortgage with Beverley Building Society. The issue is that I am pregnant and about to give birth any time soon as I am on the last few weeks of pregnancy. This means that it would not be possible for us to move straight away so we are contemplating living with my mum and dad for the next few months. Meanwhile, if we get this property, we can lease it out. I was just wondering how will that work out? Are we likely to get consent to let by Beverley Building Society
- How likely are Beverley Building Society in issuing me with Consent To Let on a maisonette? Agents have had it on the market for three months. I am keen to sell but I'm anxious that if there are no takers I will have to get a tenant in to cover the monthly payments to Beverley Building Society (I no longer live there). I would prefer to come clean with Beverley Building Society than keep them in the dark but I am worried as to how helpful they will be.
- I have had a mortgage for five years with Beverley Building Society. My other half has bought a property in Havering and I have the chance to move in with him. Can I lease out my apartment with consent to let in case I need to move back? Also what legal documents must I provide Beverley Building Society with when filling in the consent to let application?
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Beverley Building Society and are considering renting the place out for a couple of years, but cannot really afford to convert to a buy to let mortgage. Is consent to let an alternative to to switching to a buy to let rate?
- I would be interested to know whether Beverley Building Society would have archive records as to whether consent to let was granted for a specific property?
- I have Beverley Building Society mortgage and am thinking of renting out the property. I understand I would require consent to let to do this...is that right ?
- We need to contact Beverley Building Society to enquire about letting out our apartment. Do they send a document to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Beverley Building Society consent to let information
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
Where 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 trigger your insurance becoming null and void. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Beverley Building Society