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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.
Top Five Questions relating to Leeds Building Society consent to lease
- Me and my partner are intending to purchase a garden flat with 10% deposit with the intention of moving in. Somewhat fortuitously the in-laws have plans to move to New York for a couple of years so we would be moving into theirTower Hamlets bungalow to "housesit". In the event that we proceed with a residential mortgage with Leeds Building Society would we likely encounter any difficulties with gaining consent to let ?
- Me and my fiance and I I have a domestic mortgage with Leeds Building Society but I would like to occasionally rent the property out on AirBnB....do I need consent to let from Leeds Building Society?
- Please explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I can't find a buyer. This is because my neighbour is a drunk and assaulted me last year. I have had to mention this on the disclosure form. Mortgage is with Leeds Building Society on a fixed rate. It has been suggested to me that I should get consent to let via Leeds Building Society and rent the flat for a couple of years.
- Me and my husband may be presented with an opportunity to work in a different office in the UK for a few months and wish to know if we can lease out our existing property. It is a two year fixed rate and we are seven months into the mortgage with Leeds Building Society. We have lived at the property for nearly five years. The LTV is 80%. Are we likely to get consent to let from Leeds Building Society? What can we expect in fees etc
- I am interested in further information regarding consent to let home loans, potentially transferring our current mortgage with Leeds Building Society over to a consent to let one.
- We 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 seeking consent to let from Leeds Building Society are we running the risk of them forcing us to change deal to buy to let
- I might potentially need consent to let from Leeds Building Society in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on the length one can let out a property with consent?
- I have a mortgage with Leeds Building Society. I am thinking of moving out and renting out my house. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
Where 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 trigger your insurance becoming null and void. 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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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