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.
Leeds Building Society Consent to Lease Example Support Desk Enquires
- Earlier this year I let out my one bed flat having been granted Consent to Let with my building society. 6 months have now elapsed and they have loaded my interest rate as previously advised. I am unable to transfer to a preferable product with them, as they will revoke my consent to let. If I was to go with another provider for instance Leeds Building Society, would I be required to apply for a BTL mortgage or could I simply remortgage and seek consent to let?
- I want to rent out my current house and want to buy a larger house for the family. I have a mortgage with Leeds Building Society. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with another lender? What connotations does that have apart from the higher rates - do I need a greater equity ratio in the property too ie lower ltv?
- My property recently got consent to let on a residential homeloan with Leeds Building Society with the intention of changing to a B2L rate when the fixed rate expires in a few months' time, so I'm uncertain if this complications to the issue! Any information gratefully appreciated.
- We are expecting any day now a mortgage offer from Leeds Building Society for a garden flat. I have applied via a broker. It is a capital and interest mortgage. I am curious as to what is the main criteria Leeds Building Society adopt in order to allow customers consent to let? Is consent to let based on the rental multiple on a property?
- I am looking to Leeds Building Society to issue me with consent to let out my home in Hounslow. I am moving to Holland for 5 months for work.
- I wish to let out a room in my flat in Croydon. Do I need consent to let from my mortgage co Leeds Building Society?
- How do I go about procuring consent to let from Leeds Building Society? Is there certain policies like you must reside in the property for a year before its given?
- Will Leeds Building Society give consent to let my apartment? I currently have a residential mortgage, never been in arrears and have been with Leeds Building Society for nearly five years now. What charges am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
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 could result in 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 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 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 taking legal action 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