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.
Frequently asked questions relating to Leeds Building Society consent to lease
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Can a new mortgage be taken on a consent to lease with Leeds Building Society?
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Do I need consent to let from Leeds Building Society or can I lease out my basement flat without telling Leeds Building Society and having to switch to a B2L loan?
- I've got an existing homeloan with Leeds Building Society approaching two years and the fixed rate is due to be renegotiated. We are considering releasing equity from our existing place to allow us to purchase a bigger home and then rent out the current ground floor flat. The initial advice we received was that we should get a new domestic mortgage allowing for consent to let - can you explain what this is?
- My house had been tenanted for three years between 2009-2012 while employed in New York. I have a letter dated January 2010 from the building society granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Leeds Building Society for the property I intend to purchase.Can this be correct
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Leeds Building Society to allow us to get a mortgage also with Leeds Building Society for a new home?
- My Leeds Building Society mortgage rate comes to an end this year can I go on a interest only with consent to let?
- Leeds Building Society - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I recently acquired a three bedroom first floor purpose built flat in Barnet. I am first time buyer. I am moving Paris next month, can I get consent to let from my lender Leeds Building Society or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leeds Building Society