Need Help?
Need professional advice for your consent to let with Leek Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Leek BS consent to let
- I have a mortgage with Leek BS and I am thinking of buying a house with my fiance. It's her council house on a right to buy scheme. Would it be possible to transfer my Leek BS mortgage to lease out my existing property in Redbridge even though the property is currently in negative equity.
- I own a ground floor flat but I am never there, looking into the option of renting it out. The mortgage is with Leek BS, would I have to move onto a new mortgage rate or should I apply for consent to let?
- I have been stupid in not informing Leek BS that I’m letting my house out. I would like to do things properly and apply for consent to let. If Leek BS says yes, how would you rate the chances of them learning that I’ve already been renting it without consent?
- Just a quick question as I am a bit clueless and wondering whether Leek BS conduct any checks when applying for a resi mortgage, I'm preferably looking to rent the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I rent the property out?
- My husband and I are the registered owners of a property in Liverpool with Leek BS and am moving to rent a property in Somerset due to work. Is consent to let from Leek BSpossible? I only want to lease out the flat for 6 - 12 months before selling.
- Were I to let my house out with consent to let from Leek BS will will theyload the interest rate? I am currently on a standard variable rate.
- I took a residential mortgage with Leek BS - 55% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could let out the property?
- I am interested in more information regarding consent to let home loans, potentially switching our existing mortgage with Leek BS across to a consent to let one.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Leek BS consent to let Questions and Answers
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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed