Need Help?
Need professional advice for your consent to let with Leek 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 Leek BS consent to lease
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Finding myself in an impossible situation with a Consent to Let mortgage. In response to requesting consent to let my bank has requested evidence of a signed Assured Shorthold Tenancy as a prerequisite to granting consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- Next month I will be moving to Dubai. Rather than sell my house, I would like to let it out, just in case things don’t go as expected. My current mortgage is with Leek BS. If I looked to refinance would a new provider see this as me looking to avoid a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and therefore reject my request for Consent to Let?
- Resulting from a redundancy my partner and I are looking to move away from Barnet and our flat, potentially to a job in Sweden but that means we will want to let the property but don't want the penalty fee of existing Leek BS mortgage which will be exorbitant.Can Leek BS refuse to grant us consent to let?
- Were I to take out a new product with Leek BS how long do I have to wait for consent to let without changing from a normal mortgage?
- I have a Leek BS mortgage currently and may want to let it out for a short period of time with consent from Leek BS for (1 year). Just wanted to know is it something that is obtainable relatively quickly?
- My fiance and I are trying to discover which lenders are best for granting consent-to-let without raising rates, and hopefully permitting more than two years where necessary. Is that something you can help with? We are particularly interested in Leek BS
- I wishing to obtain consent to let for my property as I am moving out for nine months currently fixed Leek BS mortgage with three years which is up on May next year.
- Am I required to negotiate consent to let if I let to a family member (in my situation my mum now lives there and contributes towards the Leek BS mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Leek BS consent to let Info
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
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.
If you do not keep up the payments on your mortgage with Leek BS your property may be repossessed