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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Me and my husband have a Leeds Building Society mortgage and are have made overpayments to bring the loan amount down, both employed etc. Do you know how much the fees are and if Leeds Building Society usually grant consent to let without porting the loan to a commercial rate?
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We just obtained consent to let from Leeds Building Society. After some effort, Leeds Building Society have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I have a three bed flat in Barnet let out which has a fifty year lease. Mortgage broker suggested I should refinance (currently with Leeds Building Society) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £195k. Limited available in Croydon for me to buy my own house. To extend the lease will cost 21k. Not sure sure whether to hold on or sell the flat?
- Can you explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an longstanding feud with the family next door. I was obliged to mention it on the disclosure form. Mortgage is with Leeds Building Society on a fixed rate. Someone mentioned I should seek consent to let by Leeds Building Society and rent the property out.
- When it comes to consent to let from Leeds Building Society am I supposed to inform them each time we get a new tenant and forward them a duplicate of the lease?
- I currently have my mortgage with Leeds Building Society and have been for the previous twenty months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some borrowers to exploit?
- Just a quick one. Will Leeds Building Society force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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 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
Should the tenure of your property be 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Leeds Building Society your property may be repossessed