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.
Sample questions relating to Leeds Building Society consent to let
- I have a Leeds Building Society mortgage and have been letting out my apartment minus consent to let, making me in contravention of my mortgage Ts and C’s. I think that they have found out that I am not living there. What negotiating options are available if I fail to sell it before they are on notice that I am in breach of my terms and condition?
- I need to decide what to do ie let or sell. The property has a mortgage against it with Leeds Building Society (with quite a bit of equity). I want to purchase and live in a second house but keep my old house and rent it out. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I have found myself in the accidental landlord category and without consent to let from Leeds Building Society. I had to vacate my apartment for career purposes, so now live in another part of the country. At first I tried to sell the flat, but prices were depressed, resulting in negative equity. This was a couple of years ago in 2011, which has since seen the property price increase and has given me time to save. I am in now in a position where I could convert to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Leeds Building Society that I have been letting without consent to let? I appreciate that I shouldn’t have done this, but circumstances wouldn’t allow me to do anything else. Have I committed a criminal offence?
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from Leeds Building Society? To give some background I bought my apartment in Tower Hamlets nearly two years ago and am currently on a three year fixed rate. I subsequently met my partner and now we are looking at moving in to his place. I am planning to get another fixed term next July. I presume that I would have to wait at least 6 months before I could seek consent to let. Is that correct?
- We have a letter to Leeds Building Society requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- Me and my fiance and I would like to obtain consent to let on a house where we have a mortgage with Leeds Building Society. If granted, how long would consent be given for? In asking for consent to let from Leeds Building Society are we running the risk of them forcing us to change deal to BTL
- Me and my husband may have to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Leeds Building Society or am I best advised to keep my head down?
- Are you aware if there is usually a maximum loan to value amount before Leeds Building Society will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Leeds Building Society consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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