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Need professional advice for your consent to let with Leeds Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Leeds Building Society consent to lease
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Do I need consent to let from Leeds Building Society or can I lease out my new house without telling Leeds Building Society and having to switch to a buy-to-let loan?
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My lender has placed me in an impossible situation with a Consent to Let home loan. Reacting to my requisition for consent to let my lender has asked me to provide them with an executed AST prior to issuing permission. Is is not the case that if I adhered to their request that I would be breaching the terms of my existing mortgage?
- In what situations will consent to let for a property be issued by Leeds Building Society? For what period of time do you have to have had owned the property before consent to let can be obtained from Leeds Building Society? By way of background I am a newly qualified doctor in a home purchased a few months ago. My dream job offer involving relocation to a different city permanently has presented itself. I would be interested in procuring consent to let initially to be able to put a tenant in it to cover the costs of the Leeds Building Society mortgage.
- I found tenants for my property in the summer and didn't tell Leeds Building Society. I have a five year homeowner mortgage (significant equity in it, no arrears) and want to let Leeds Building Society know and get consent to let for the final two years of my mortgage . Not sure what to do.
- My partner and I would like to lease out my property. Do I just send a letter to Leeds Building Society asking for consent to let out the home?
- I would like consent to let on my Wandsworth apartment from Leeds Building Society. I will be going abroad for a year and so want to know if I am able to rent out my flat
- I'm wanting to know how to go about getting consent to let from Leeds Building Society and any costs to be incurred. Recently I have moved in with my partner and have a friend wanting to let out the property.
- Me and my partner and I would like to obtain consent to let on a house where we have a mortgage with Leeds Building Society. If issued, how long would consent be given for? In seeking consent to let from Leeds Building Society are we running the risk of them forcing us to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Leeds Building Society consent to let information
Tax and Legal
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.
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leeds Building Society