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.
Top Five Questions relating to Leek BS consent to lease
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I have been letting out my flat with "consent to let" from Leek BS on a regular mortgage for the past 24 months. Leek BS have just written revoking consent to let unless we switch to one of their "buy to let" loans.
- Hello, I have a mortgage on a flat with Leek BS and I am contemplating the idea of letting the property out. Could this be done without transferring my mortgage or receiving consent to let from Leek BS?
- My husband and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Leek BS mortgage. What charges are levied and is there a time limit on consent to let?
- I have been offered a once in a lifetime career opportunity for 6 months in New York. I have enough money to cover the monthly Leek BS mortgage however the buildings insurance stipulates continuous residency in order not to be invalidated. Last December the roof had some leaks that were repaired. If there happened to be any problems through the winter months I would struggle to afford remedial works. Will I qualify for consent to let from Leek BS for the time I am overseas?
- I have had my mortgage with Leek BS for the previous eighteen months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- I am looking at some alternative lifestyle. I have a Leek BS mortgage, if I become a non-UK resident but wish to rent my UK house, ...what steps should I take to get consent to let. Can this be obtained on via email ?
- Are you aware of any flexibility in the accepted equity amount before transferring from an existing Leek BS mortgage to a consent to let?
- Would you be able to help me? What do I need to do to get consent to let from Leek BS? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Leek BS consent to let information
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
Omitting 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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Leek BS