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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.
Questions and Answers: 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 homeowner mortgage for the last three years. Leeds Building Society have put forward an ultimatum revoking consent to let unless we transfer to one of their "buy to let" products.
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A friend of mine suggested that this summer I rent out my cottage and generate some income while I am on vacation. It will only likely be for four weeks. Will consent to let be needed from Leeds Building Society?
- If I were to let out my two bedroom second floor purpose built maisonette with consent to let with Leeds Building Society, what proof would be required of the letting? If after 1 year I decided to let it on a number of short term rental, am I still required to supply proof to Leeds Building Society, or will they be content provided i keep up with the payments? For example if I let the rooms individually at a later stage, is there any reason for Leeds Building Society to be informed and would they care?
- I am in the Royal Air Force and planning to purchase a property using a Leeds Building Society mortgage. I would like to get consent to let this property to my sister. In the future I plan to live in the property myself when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- We have already let but only just dawned on us that Leeds Building Society ought to have been notified and consent to let sought - what's the best course of action now?
- I have a mortgage with Leeds Building Society but am wanting to let my house out and move in with my GF and baby what would I have to do to get consent to let?
- I was wondering if you are able to assist. I do not have consent to let from Leeds Building Society and was wondering if this option would be possible for me to switch to as I must move back home to take care of my mum
- I'm interested in more information about consent to let from Leeds Building Society. Would a valid reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Leeds Building Society consent to let Questions and Answers
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
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 may trigger 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
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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with Leeds Building Society your property may be repossessed