Need Help?
Need professional advice for your consent to let with Leeds Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Leeds Building Society consent to let
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Is consent to let needed from Leeds Building Society or can I lease out my property without telling Leeds Building Society and having to convert to a B2L mortgage?
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I am a first time buyer interested in a 2 bedroom house in Leeds Building Society. I have a 40% deposit with a mortgage from Leeds Building Society. My dilemma is that my fiancee inherited a flat in London and I hope to be moving in next year, at which point I would want to let out my house. I I know that consent to let is needed but it does not sound like a guaranteed option. Is there any advice you can impart?
- My wife have an offer accepted to purchase a property, we have a deposit of between 10-15% for a residential mortgage with Leeds Building Society. The one concern is we are due to leave the country in 2 months for work. We are using a mortgage broker. She says if you tell this to the lender in advance you will need to get a buy to let. Do go ahead with residential mortgage with Leeds Building Society, shortly thereafter seek consent to let? Alternatively, do we try and speak to Leeds Building Society at this point and say there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they confirm before hand that it wouldn't be a problem
- I am currently looking to purchase my first property however, working as a consultant. I want to chose a mortgage provider that will permit short term letting with a domestic mortgage so that I could lease out the property temporarily with long periods of absence without being required to switch to a BTL rate. Are you able to advise me on how lenders would view this and specifically the approach taken by Leeds Building Society.
- I'm wanting to know how to go about getting consent to let from Leeds Building Society and any costs to be incurred. Recently I have moved in with my husband and have a family member renting from me.
- How do I go about getting a consent to let application form from Leeds Building Society and how quickly can I get the consent?
- We have three months to run on a 2 year residential mortgage with Leeds Building Society but now let the house out. is it safe to assume they will just charge a flat fee for consent to let?
- Are you able to advise me how much the fees are and if Leeds Building Society typically give consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Leeds Building Society consent to let Questions and Answers
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
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 inform them could result in your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Leeds Building Society your property may be repossessed