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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.
Recently asked questions relating to Leeds Building Society consent to lease
- Hi, I have a mortgage on an apartment with Leeds Building Society and I am pondering on the idea of leasing my property out. Can I do this without changing to a buy to let or getting consent to let from Leeds Building Society?
- I have been offered an excellent career opportunity for 9 months overseas. I have enough money to cover the monthly Leeds Building Society mortgage yet the block insurance requires that the property must be occupied in order not to be invalidated. Last winter the roof had some leaks that were repaired. If there happened to be any problems in the winter months I would struggle to afford remedial works. How likely is it that I will get consent to let from Leeds Building Society for the time I am abroad?
- I am an existing Leeds Building Society mortgage customer looking for consent to let on my current property. We would like to buy in close proximity to where we are based with the Army,... but we might have to move.
- My fixed rate mortgage with Leeds Building Society comes to an end on 21st July. I am required to move to Newcastle for my Job in April. I wish to let out the house in the short term. Can I get a consent to let the property?
- Will Leeds Building Society choose to operate a right to switch the rates on a residential mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one remortgage on a consent to let with Leeds Building Society?
- Would a previous extension to a mortgage term with Leeds Building Society work against us when we sought consent to let from Leeds Building Society.
- My wife and I have an annexe in our garden. Do we need consent to let this from Leeds Building Society? If so, what is the process if I would like to switch my mortgage to consent to let?
- I got a residential mortgage with Leeds Building Society. I purchased the property in November last year. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Leeds Building Society consent to let Info
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
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 regular 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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