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.
Recently asked questions relating to Leeds Building Society consent to lease
- What's the difference btw consent to let and buy to let? Also is the property subject to Capital Gains Tax if sold?
- I have a mortgage with Leeds Building Society. I would like to purchase a further house and my financial adviser advised me to seek consent to let. I was under the impression that they only accept the consent to let where it is my intention to go back to my current home. Have I been advised correctly?
- My premises worth £275,000. Leeds Building Society mortgage owing £30k with 8 years to run. Get consent to let from Leeds Building Society for current flat and utilise rent to pay off what is left of the loan. Take out sixty per cent Leeds Building Society loan on further premises that becomes my primary address? Any reason I cant do this?
- We have a residential mortgage with Leeds Building Society that we are having difficulty negotiating consent to let due to being in Hong Kong and renting out the apartment such a long time ago without their consent which was a lapse on our part. We have a <45% LVR and have been making overpayments of £500pm for six years so there are no arrears. We are willing to swap onto a BTL mortgage with them at a bumped up rate yet that has not been offered to us.
- I am thinking of renting my property will Leeds Building Society bill me for a consent to let letter?
- Am I required to wait for consent to let to be given on my current residential mortgage with Leeds Building Society before applying for a resi mortgage on a second property?
- We are looking to place my residential property on rent due to work commitments and was enquiring if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Leeds Building Society at the moment until 2018 November
- I wish to get consent to let from Leeds Building Society for a few years until I can transfer to a BTL. Is this possible
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
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 lease may prohibit you from letting or require that you obtain the consent of 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
Neglecting to advise 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