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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.
Leeds Building Society consent to let: Q and A’s
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Have any of your clients had experience seeking Consent to Letforfor less than a year from Leeds Building Society or if you have any tops as to how such permission is obtained.
- I have a shared ownership property in Newham and will be looking to buy out the rest of the property. However, within the next six months I may be working abroad for a short period of time so would like to know what approach Leeds Building Society take to consent to let as I am considering a remortgage with them. I am by no means sure that a mortgage can be obtained on my property but as an aside can you provide further advice on their consent to let criteria?
- I have recently applied for consent to let from Leeds Building Society, but it would be useful to know if they have any conditions on the level of rental to be received?
- I need to explore if I can get consent to let on my current flat. I have a mortgage with Leeds Building Society but my situation has changed. I'm about to move in with my partner and daughter who have a house and more room than my 1 bed property. I don't think I can qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn in excess of £25000 per annum.
- I'm gathering some information on whether consent to let is something available to me? We have a Leeds Building Society mortgage and are considering renting the place out for a couple of years, but cannot really afford to change to a buy to let mortgage. Is consent to let an alternative to to switching to a buy to let rate?
- Is there a maximum period that Leeds Building Society is willing to issue Consent To Let for?
- How easy is it to get a consent to let from Leeds Building Society and what does it cost? If I want to let out my property for three months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- We would like to move home and have found a property we wish to purchase so are considering leasing out with consent to let from Leeds Building Society for our original property to enable us to place an offer and not miss out on the potential new property.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Leeds Building Society consent to let Questions and Answers
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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leeds Building Society