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Need professional advice for your consent to let with Harpenden Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Harpenden Building Society consent to lease
- Me and my husband are looking to buy a 2 bed flat with a £20,000 deposit with the aim of living there. However in the next two years the in-laws have plans to live abroad Should we go ahead with a residential mortgage with Harpenden Building Society would there be any issues with obtaining consent to let ?
- Given we are relocating and unable to sell our property, we are thinking about renting it out. Is it imperative to advise Harpenden Building Society? I have a hunch that Harpenden Building Society might change our terms. I thought if you continued making my monthly payments it shouldn't be a problem, but am now nervous about insurance ramifications if I have let my property out on the sly. Any advice?
- Our present house in Islington has nearly £120K equity with a mortgage with Harpenden Building Society. It's a 3 bed house in a popular area and I think it would rent easily. We are possibly moving for my husband's work and were considering holding onto the house on as a rental property - should we be swapping the mortgage to a B2L product or can we get consent to let from Harpenden Building Society?
- I have a self contained flat attached to my house that my dad has vacated. As my property is large I was thinking to move into the annex and lease the rest out. This is also due to change in my personal situation. Would I require consent to let from Harpenden Building Society?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Harpenden Building Society? Are you able to help?
- We are looking to place my residential property on rent due to job commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Harpenden Building Society until 2018 September
- Do you know whether Harpenden Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Harpenden Building Society let me raise capital based on the rental revenue ?
- I was wondering if you could help. I require consent to let from Harpenden Building Society and was wondering if this option is available to me to switch to as I need to move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Harpenden 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
One thing to remember when arranging a consent to let mortgage with Harpenden 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 standard 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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Harpenden Building Society