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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.
Frequently asked questions relating to Leeds Building Society consent to lease
- My husband and I were planning to buy a one bedroom apartment with 30k down payment with the aim of living there. Somewhat fortuitously the in-laws plan to live abroad If we were to proceed with a residential mortgage with Leeds Building Society would there be any difficulties with switching to consent to let ?
- I am currently in the process of emigrating to California . Rather than finding a buyer, I wish to let my current property out, just in case things fail to work out and I decide to come back within one or two years. I have a current mortgage is with Leeds Building Society. Would I be able to refinance with another mortgage company on a much lower interest rate then apply for Consent to Let once the refinancing is in place?
- I have a Leeds Building Society mortgage and have been renting my apartment omitting to get consent to let, making me in contravention of my mortgage terms and condition. I fear that they have found out that I am not residing there. Is my only option is to sell the flat before repossession?
- I have just been presented with a once in a lifetime career opportunity for eight months in New York. I have enough savings to pay the monthly Leeds Building Society mortgage yet the buildings insurance requires that the property must be occupied in order not to be invalidated. Last winter the roof suffered storm damage but was repaired. If there happened to be any problems through the winter months I would find it hard to cover the remedial works. Would I be eligible for consent to let by Leeds Building Society for a limited period?
- We are close to purchasing a flat and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the criteria is for consent to let from Leeds Building Society? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- How do I go about obtaining consent to let from Leeds Building Society? Is there certain requirements for example you must reside in the property for over 6 or 12 months before its given?
- I have purchased a property using a Leeds Building Society home loan. However I am presently living with mother and father. I don't want to move in until for nine months due to personal issues. In meantime can I lease out the property with consent to let?
- What are the changes that Leeds Building Society force me into a consent to let product while I'm in a fixed rate product for 2 years?
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Important warnings to consider in supplemental 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach 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 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