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.
Examples of recent questions relating to Leeds Building Society consent to let
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Me and my husband have a Leeds Building Society home loan and are are up to date with payments, both employed etc. Can you tell me how much it will cost and if Leeds Building Society usually grant consent to let without changing to a different deal?
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I intend to let out my flat to some tenants who have asked me for a copy of my ‘consent to let’ from Leeds Building Society, my bank. Is this standard practice? My letting agent cannot offer an explanation, can you?
- Me and my brother are joint proprietors of a small apartment in Newham with a Leeds Building Society mortgage. I want to leave and buy a house with my fiancee. How would I deal with finding a tenant for my room? Would I need consent to let via Leeds Building Society. My brother will continue to live in the flat
- I have had a home loan with Leeds Building Society for 1998. My divorce went through three years ago put the property in my name by transfer of equity. My circumstances have changed, I wish to retain my house but move in with my new partner, leasing my house out. It has been suggested by my broker that I can ask for a consent to let by Leeds Building Society rather than a buy to let mortgage as I haven't purchased the house with the intention of letting it out, is this correct?
- My partner and I have a Leeds Building Society mortgage currently and potentially want to let it out for a limited period of time with consent from Leeds Building Society for (eighteen months). Is this possible?
- How likely is it that I can keep my current domestic mortgage with Leeds Building Society if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- I am after more information regarding consent to let home loans, potentially switching our current mortgage with Leeds Building Society over to a consent to let one.
- I have a homeowner mortgage with Leeds Building Society which is only six weeks long but I have been moved abroad with work. How easy is it to get consent to let from Leeds Building Society for a mortgage that has only recently commenced and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Leeds Building Society consent to let Advice
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 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
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Omitting 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