Need Help?
Need professional advice for your consent to let with Beverley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Beverley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Helen (my partner) and I may need to lease our Havering home for a while due to a new job. This will be for a limited period but possibly for as long as 2 years. Do I inform Beverley Building Society or should I just keep quiet?
The rationale for wanting to find tenants for the property are are due to: -
If Beverley Building Society granted permission to us for renting we would suggest some financial assurances which are as follows: -
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.
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.