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Need professional advice for your consent to let with Yorkshire 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 Yorkshire Building Society consent to lease
- Me and my husband are planning to purchase a one bedroom second floor purpose built maisonette with 10% down payment with the aim of living there. However in the next two years the in-laws plan to move to Dubai for a year or two so we plan to move into theirBexley apartment to "housesit". If we were to go ahead with a residential mortgage with Yorkshire Building Society would there be any issues with obtaining consent to let ?
- Having spent fifteen years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Yorkshire Building Society. In Sutton, we are be looking at a 4 bedroom house around the £350k mark. I would preferably like to retain my existing flat. Could I ask for Consent to Let from the proposed new lender Yorkshire Building Society. If granted what are the likely conditions?
- I am looking for some precautionary guidance to consider if consent to let is a sensible proposition. I completed the purchase of my flat 7 months ago by transferring an existing Yorkshire Building Society mortgage product. My fixed rate finished 4 months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with Yorkshire Building Society, which I would not seek to be added to. I don't wish to sell my property yet because I'm unsure of whether the new move will work out. I don't want to move to a B2L mortgage yet for 2 reasons: 1) I need to discover if it is a marketable property with rents higher than my mortgage payments and 2) I need to come up with additional capital to meet the 65% LTV ratio required for a buy to let mortgage. It would be preferable to get a consent to let from Yorkshire Building Society for a couple of years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, move back to it.
- I plan to relocate to another property, I have been at my existing house for 18 months. Is there a minimum time to spend at a property before Yorkshire Building Society will give a consent to let?
- I am considering moving abroad for work and would like consent to let from Yorkshire Building Society whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to Yorkshire Building Society? The point of renting the property isn't to make money but to retain the property in case things don't turn out as well as we hope
- I wishing to obtain consent to let for my house as I am moving out for nine months currently fixed Yorkshire Building Society mortgage with two years which is due on April next year.
- Would a previous extension to a mortgage term with Yorkshire Building Society work against us once we sought consent to let from Yorkshire Building Society.
- Please can you provide me with advice as to how to go about obtaining consent to let from Yorkshire Building Society and what, if any, fees I face.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Yorkshire Building Society consent to let Advice
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Yorkshire Building Society