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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
- I have had an existing mortgage with Beverley Building Society coming up to 2 years and the fixed rate is due to expire. We are contemplating extracting equity out of our current address to allow us to acquire a new larger house and then rent out the existing studio flat. We have had initial advice that we should get a new domestic mortgage with a consent to let - what does this mean?
- I will soon be relocating to Denmark. As opposed to sell my house, I would like to rent it out, just in case things don’t go as expected. My current mortgage is with Beverley Building Society. If I looked to refinance would a new provider see this as me attempting to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence turn down my application for Consent to Let?
- I have a one bed flat but I am hardly there, exploring the option of renting it out. The mortgage is with Beverley Building Society, would I have to move onto a new mortgage product or should I try to get consent to let?
- My flat has a mortgage against it with Beverley Building Society and I have been renting my flat without consent to let, making me in breach of my mortgage Ts and C’s. I fear that they have found out that I am not living there. What negotiating options do I have if I don't sell it before they are on notice that I have breached my conditions?
- I am thinking of renting my flat will Beverley Building Society invoice me for a consent to let letter?
- Can I get an interest only mortgage with consent to let when my current Beverley Building Society deal runs out December 16?
- My wife and I want to let our house out and use the rental income to cover the rent on a house in Greenwich. What are the chances of being given consent to let by Beverley Building Society without being forced onto a BTL product.
- My partner and I took out a mortgage with Beverley Building Society a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to rent our apartment out. Is this possible with a homeowner mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Beverley 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
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.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Beverley Building Society