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.
Top Five Questions relating to Beverley Building Society consent to lease
- We may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We already have a Beverley Building Society mortgage. What are the fees involved and time limits on consent to let agreements?
- I would like to let my existing property as I wish to purchase a larger house for the family. I have a two year fixed mortgage with Beverley Building Society. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after a couple of years with an alternative lender? What consequences does that have aside from the higher rates - do I need a greater equity portion in the property too ie lower ltv?
- Is it possible? The property has a mortgage against it with Beverley Building Society (with a large chunk of equity). We are planning to move out of London and if at all possible want to let our house with consent to let from Beverley Building Society and use the income from that to help get approval for a 2nd mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- We plan to rent our existing property out early next year when we find a new house. I will apply for consent to let from Beverley Building Society. The apartment is currently in my name but I am a higher rate tax payer. Do I need to do a Transfer of Equity to her or can I do a Declaration of Trust?
- My husband and I wish to rent out my home. Do I simply send a letter to Beverley Building Society asking for consent to let out the house?
- I’m about to finish the fixed rate period of my three year fix with Beverley Building Society and change on to the standard variable rate. Can you tell me whether consent to let from Beverley Building Society is possible, if there are fees, and if there are time limits?
- Was wondering how to precure a consent to let from Beverley Building Society who I have a mortgage with. There is a remaining balance of 87k. The value of house is 245k. Property is in my name but my wife and I would like to purchase a maisonette in Haringey we have seen together. How do we go about this?
- I want to get consent to let from Beverley Building Society for a couple of years until I can switch to a buy to let. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Beverley 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Beverley Building Society