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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Doing everything by the book I’ve been leasing out my house with "consent to let" from Leeds Building Society on a residential mortgage for the past 24 months. Leeds Building Society have now advised that they are retracting their consent to let unless we switch to one of their "buy to let" products.
- I vacated my apartment about five months ago but didn't get around to get a consent to let letter, mainly because the mortgage fix rate period is ending next month and I am considering refinancing in any event. I want to ask for consent now, is that going to open up a hornet’s nest?
- I understand that this is a contravention of Leeds Building Society mortgage policy if I lease out my flat having indicated that I intend to live there. The aim is to have the mortgage fully paid off after five years, by which time the property will be unencumbered, meaning I no longer require any consent to let. Leeds Building Society advised me I can overpay as much as I like during the agreement. I have someone who wants to rent the property. What checks do Leeds Building Society do and what are the chances that they are likely to do this? Can you set out repercussions of not seeking consent to let? From what I have read there is a possibility of Leeds Building Society transferring the loan onto a BTL mortgage
- I intend to let our current apartment out shortly after we move. This is to be done with consent to let from Leeds Building Society. At the moment the apartment is in my name but I am a top rate tax payer. Do I need to do a equity transfer to her or should we do a Declaration of Trust?
- I am looking to Leeds Building Society to issue me with consent to let out my basement flat in Hillingdon. I am moving to Holland for 8 months on a secondment.
- What is the process for getting a consent to let application form from Leeds Building Society and how quickly can I get the consent?
- My daughter has a mortgage with Leeds Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the procedure and what needs to be done next?
- I currently have a residential mortgage with Leeds Building Society and plan on letting due to work being based in Manchester. In asking for consent to let from Leeds Building Society do I run the risk of them forcing me to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Leeds 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
Where 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
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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Leeds Building Society