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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Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the property will trigger a hefty redemption penalties to Leek BS of £2500, we considered that it would best to rent it out. In the circumstances we need consent to lease from Leek BS only for less than a year. Will Leek BS grant consent?
- I have a mortgage with Leek BS. I wish to buy a further house and my mortgage broker advised me to apply for a consent to let. I was under the impression that they would only accept the consent to let where it is my intention to go back to my current home. Your view would be appreciated?
- What is the process for obtaining consent to let from Leek BS? What information do they need? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than lease out the property?
- My partner had a conversation with someone at Leek BS on Tuesday regarding consent to let. We are awaiting a returned call. We have placed an offer in on a property that has been provisionally accepted so we need to know how likely it is that we will get consent to let with Leek BS?
- My fiance and I have already let but only just dawned on us that Leek BS ought to have been told and consent to let applied for - can consent be obtained retrospectively?
- My Leek BS mortgage fixed rate ends in January and have to relocate for work then. Will I be able to both refinance and obtain consent to let?
- Leek BS - consent to let potential. Are you able to advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- Me and my husband and I have a mortgage with Leek BS and would be thinking about purchasing another main residence and then subsequently renting our current house out. Would I require consent to let from Leek BS?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Leek BS consent to let Questions and Answers
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
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 the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS