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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.
Common questions relating to Yorkshire Building Society consent to lease
- What are the chances of Yorkshire Building Society in giving Consent To Let on a one bed flat? Agents have had it on the market for six weeks. I am keen to sell but I'm concerned that given the lack of interest I will need to rent out the property in order to cover the monthly payments to Yorkshire Building Society (I do not now live there). My preference is to come clean with Yorkshire Building Society than keep them in the dark but I am worried as to how understanding they will be.
- My husband and I are applying for a home loan with Yorkshire Building Society, but we are running up against a serious block. My husband works in a boarding school, and as such living quarters is a perk of the job. We wanted to buy a garden flat with a view to joining the property ladder, and rent it out while we're based at the school. I had thought Yorkshire Building Society would be willing to give consent to let from the outset of the mortgage. It transpires that I may be refused consent to let. Can you give me any advice?
- I'm looking to apply to Yorkshire Building Society for consent to let on my existing residential property in Hounslow. I am planning to draw down equity from my existing home before doing so, and making use of that money to buy a further residential property. I will stay in that house whilst renovating it for six months after which I intend to sell it then move back to my current property. Is this something Yorkshire Building Society will consider consent to let for or does this fall outside the standard criteria?
- My fixed rate mortgage with Yorkshire Building Society comes to an end on 13th July. I am about to relocate to Brighton for my company in November. I wish to rent the house temporarily. Can I get a consent to let the property?
- Can I get an interest only mortgage with consent to let when my current Yorkshire Building Society deal runs out December 26?
- Are you aware of any leeway in the accepted equity amount before transferring from a current Yorkshire Building Society mortgage to a consent to let?
- I have a mortgage with Yorkshire Building Society but am wanting to lease my house out and move in with my girlfriend and baby what is required to get consent to let?
- My husband and I want to consider the option of leasing out my property with consent to let from Yorkshire Building Society whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Yorkshire Building Society 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
One thing to remember when arranging a consent to let mortgage with Yorkshire Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 obtain the consent of 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
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Yorkshire Building Society your property may be repossessed