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Need professional advice for your consent to let with Harpenden 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 Harpenden Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My better half and I plan to return to Floridain Month, possibly short-term but potentially longer term. I'm in the process of writing to Harpenden Building Society to obtain consent to let out the property (we have already found tenants). I have had a mortgage with Harpenden Building Society for Six years and I have never had any arrears. Harpenden Building Society tell me, that even if they consent to the letting, that this will be a temporary arrangement for a period of twelve months. What happens after one year?
The reasons(s) for wanting to find tenants for the property are are due to: -
If Harpenden Building Society agreed that we are able to proceed with renting we would propose some financial commitments to include: -
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.
If 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
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 violation 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 commencing legal proceedings against you. Be sure to record their consent in writing.