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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.
Beverley Building Society consent to let: Q and A’s
- Can you please advise me what Beverley Building Society charge for consent to let out a room in my three bedroom first floor purpose built flat? Any advice would be gratefully received.
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I have a current mortgage contract with Beverley Building Society and wish to clarify if it would be possible to receive consent to let out our garden flat in Barnet.
The reasons(s) for wishing to let out the property are are due to: -
- My family and I will be relocating to India in January.
- In renting out the property this will facilitate savings to help the migration process.
- It would be pointless from a financial point of view to pay outright for a property which we are no longer living and by renting out the home this would be deemed as an ongoing investment.
If Beverley Building Society granted permission to us for renting we would propose some financial commitments which are as follows: -
- Continue to pay the monthly mortgage payment by standing order.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial protection.
- Supply our contact details for when we relocate.
- I am may soon need to apply for consent to let from my current mortgage lender Beverley Building Society. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- My partner and I have decided to lease our garden flat out. We have put an offer on another property for us to purchase and a tenant at the ready to move into ours. I assume I have to ask our mortgage provider Beverley Building Society for consent to let. Is there a standard consent to let request letter I can copy?
- The prevailing mortgage is with Beverley Building Society, but I will soon to need move out for approximately 12 months as we need to be closer to my wife’s mum. Will Beverley Building Society issue consent to let?
- My husband and I took a mortgage with Beverley Building Society but am told they have a policy that they refuse to issue consent to let the property to a local authority. Is this correct and if so, is there a method round this?
- My son has a mortgage with Beverley Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the procedure and fees involved?
- We need to lease out my house to be nearer to my son’s uni and take care of my mother. Do I need consent to let from my lender Beverley Building Society?
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Caveats to be read in supplemental the above Beverley Building Society consent to let Info
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
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.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of 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 taking legal action 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