Need professional advice for your consent to let with Earl Shilton Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frank (my fiance) and I may need to rent out our Sutton home for a while due to me taking a sabbatical. This will be for a limited period but possibly for as long as 6 years. Must I notify Earl Shilton Building Society or should I remain silent?
Have any of your clients had experience requesting Consent to Leasefora year from Earl Shilton Building Society or whether you have any tops as to how such approval is given.
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.
One thing to remember when arranging a consent to let mortgage with Earl Shilton Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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
If your property is 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.