Need Help?
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
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I'm about to contact Yorkshire Building Society for consent to let out my home in Yorkshire Building Society. However I currently have the property for sale but there without a sniff of interest and paying a full mortgage, council tax and insurance on an empty house is draining me financially. What position would Yorkshire Building Society take if I have the house on the market?
- I have a residential Yorkshire Building Society mortgage and am looking to acquire consent to let as I would like to move to another home belongings to me. It looks like you can assist. Do you charge for this service?
- I purchased a house 3,two years ago in Leeds when I worked locally. I got a new job which necessitated working in London. I drive down on Saturday morning and live with a relative during the week. I decided onmoving home to avoid the commute. I am deliberating the possibility of renting out my current home. My mortgage is with Yorkshire Building Society, would I have to change my mortgage deal or ought I try to get consent to let?
- My wife and I bought a house ten years ago on shared ownership basis, I own half through bank loan and rent the remaining half. Three years ago I bought a new house. I rented out my first property and moved to my new home. I got consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Yesterday I was contacted by the housing association saying they had nothing on record indicating I had procured consent to sublet. What are my options?
- Do you know if consent to let is something that Yorkshire Building Society offer?
- I was just enquiring if Yorkshire Building Society would issue me with consent to let and what kind of charges, penalties and new rates etc
- I currently have a residential mortgage with Yorkshire Building Society and plan on letting due to work being based in London. In asking for consent to let from Yorkshire Building Society do I run the risk of them forcing me to change deal to buy to let
- Can you tell me how much the fees are and if Yorkshire Building Society ordinarily grant consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Yorkshire Building Society consent to let Info
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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 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 Yorkshire Building Society your property may be repossessed