Need professional advice for your consent to let with Earl Shilton Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Can Earl Shilton Building Society exercise a right to increase interest rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates in line with their Buy to Let products'?
Always on the look out for a money making scheme I am contemplating leasing out my cottage and generate some income whilst on holiday. It’s only for ten days. Is advanced consent to let from Earl Shilton Building Society required?
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 Earl Shilton 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 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.