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.
Top Five Questions relating to Leeds Building Society consent to lease
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Is it possible to remortgage on a consent to lease with Leeds Building Society?
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I have been asked by my proposed tenants for sight of my ‘consent to let’ from Leeds Building Society, my bank. Why would they ask for this
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Leeds Building Society. Can you help me?
- My wife and I have decided to let our one bedroom second floor purpose built maisonette out. We have put an offer on another property for us to purchase and a tenant at the ready to move into ours. I assume I have to ask our lender Leeds Building Society for consent to let. I wonder if there is a template consent to let request letter I can copy?
- This is not a question specific to Leeds Building Society but do lenders usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- How much of my loan allowance will be made available to borrow if I convert my mortgage to a consent to let with Leeds Building Society?
- I am planning on relocating inside the next six months and want to rent my property out. My interest rate is fixed with Leeds Building Society. I am concerned that a rate hike would be too much if that was a condition of receiving consent to let
- I was wondering if you could assist. I do not have consent to let from Leeds Building Society and was wondering if this option is available to me to move to as I need to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Leeds Building Society consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Leeds Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger 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