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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.
Frequently asked questions relating to Beverley Building Society consent to lease
- I have a colleague who is talking about renting their house out and moving in with partner. She has a house in Ealing and has a £125k mortgage with Beverley Building Society. What would she need to do to get consent to let if she decides to move forward.
- My husband and I are in possession of a mortgage offer from Beverley Building Society, but we are running up against a serious block. My husband is a teacher in a boarding school, and as such living quarters is a perk of the job. We wish to purchase a maisonette with a view to joining the property ladder, and let it out while we're in school accommodation. I had thought Beverley Building Society would grant consent to let from the outset of the mortgage. It is now looking as though we may be refused consent to let. Can you give me any advice?
- I have recently been offered a job overseas and wondering if it's a good idea letting my property out. Will Beverley Building Society permit me to switch mortgage or issue me with consent to let? Should it not be available I will have to think about whether it's worth taking the job. I wouldn't mind paying an increased amount as I intend to come back and live in my home after 1 to 3 years. My agenda here is not to profit. Just love my house and wish to return to it one day.
- As a result of a change in family circumstances my husband and I are housesitting my parents house while they are away and letting our home out. We are going to need for consent to let from Beverley Building Society. Will this be granted? We will need to remortgage in the next twelve months will we then transfer to a BTL mortgage. We will definitely return to our property at the beginning of 2017?
- It would be helpful to know if on the balance of probabilities Beverley Building Society will give consent to us letting out our residential property in Brent
- My Beverley Building Society mortgage rate is up this September can I switch to a interest only with consent to let?
- Just wanted to know what needs to be provided to Beverley Building Society in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another property with my wife.
- I have fixed rate mortgage with Beverley Building Society. I am going have to lease out my house due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
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Information to consider in further to the above Beverley Building Society consent to let Questions and Answers
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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Beverley Building Society your property may be repossessed