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
- I have a home loan with Leeds Building Society on a flat and I would like to find a tenant for it out and rent another house due to changes in personal circumstances - I want to move to a different location, and to live in a larger property with my fiance. I sought consent to let and yesterday got reply with a refusal as they considered that I want to invest. I as at a loss as to what to do next. I find myself at risk since I already have rented a new home and am faced with paying both the Leeds Building Society mortgage and rent payments, which could put me at financial risk. The matter is urgent because a prospective tenant is waiting
- My husband and I reside in a matrimonial home where there exists a number of spare rooms. We are deliberating the option of establishing an holiday let type business to let rooms out on a short term basis. Is this is likely to be allowed in accordance with Leeds Building Society’s standard 'consent to let' requirements?
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore considering scaling down to a newer flat in Brent which I could rent out more easily as and when required. The intention is to keep half the equity in the new apartment which would be my home for a while. My current mortgage co will only provide consent to let for a year. I anticipate renting it out longer term and not informing them could result in a whole host of problems. B2L seems inappropriate when I will be living there, perhaps for 2-3 years initially. What type of mortgage should I be seeking, and from whom? Would, for example, Leeds Building Society issue consent to let for an open ended period?
- I have been in the armed forces for six years and planning to purchase a property using a Leeds Building Society mortgage. I would like to be given consent to let the house to my sister. In the future I would live in the property with my wife and kids when I leave the armed forces. Is this possible?
- I am considering renting my apartment will Leeds Building Society invoice me for a consent to let letter?
- I was just looking into consent to let as it's something potentially I would need from Leeds Building Society within the next 12 months. Our family circumstances has changed, and I wish to let my home out
- Due to job opportunities I will be moving to Wales and would like to let out my flat temporarily, please let me know what steps I need to take in order to achieve consent to let from Leeds Building Society?
- Ten months into homeloan with Leeds Building Society due to work reasons need to relocate. Is it possible to get buy to let or consent to let.
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 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
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 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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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