Need Help?
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.
Common questions relating to Leeds Building Society consent to lease
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My mortgage is approaching renewal with Leeds Building Society. I have had the property rented out for a couple of years and I think I should informLeeds Building Society. I understand that I must apply for consent to let, but since the property has already been let out for a considerable time could they refuse - insist I go onto a BTL product and even fine me? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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I am a FTB hoping to complete on a 2 bedroom house in Leeds Building Society. I have a 50% deposit with a mortgage from Leeds Building Society. My dilemma is that my partner owns a flat in Birmingham and I anticipate moving in next year, at which point I would want to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Is there any advice you can impart?
- Are you able to advise me what fees Leeds Building Society levy for consent to let out a room in my 2 bed flat? Any information would be gratefully received.
- We have decided to lease our ground floor flat out. We have put an offer on another property for us to purchase and have a tenant to move into ours. I assume I have to ask our lender Leeds Building Society for consent to let. I wonder if there is a standard consent to let request letter I can use?
- Situation: I am moving abroad. Potentially for many years. That being said I will be on a four month test period .I'm wanting to know the criteria for consent to let from Leeds Building Society and what fees are involved
- I would like to let out a room in my flat in Ealing. Do I require consent to let from my lender Leeds Building Society?
- My son has a mortgage with Leeds Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be given consent to let? What is the process and what needs to be done next?
- I am thinking of moving in with my fiance at his home and would like to rent out my property that I acquired last year, I'm just not sure of the process as my property is my first home. What do I need to do to obtain consent to let from Leeds Building Society If I obtain consent will my mortgage payments rise?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
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 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 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 Leeds Building Society