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.
Recently asked questions relating to Leek BS consent to lease
- In the coming months I would like to move home and I am enquiring if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid without being part of a chain and then lease my property out once I move. Will my lender Leek BS grant consent to let for six months if they know I am looking to buy somewhere else or only where one is relocating short term for career reasons?
- How easy is it to convert a homeowner mortgage with Leek BS to a consent to let. It will be less than 70% loan to value and it would alter from repayment to an interest only loan?
- I rented my house out for three years between 2010-2013 while working overseas. I have a letter dated January 2010 from the mortgage company granting consent to let. In the letter it clearly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Leek BS for the house I wish to buy.Your view would be appreciated
- I am in the armed forces and planning to buy a house using a Leek BS mortgage. I would like to obtain consent to let this property to my parents. In the future I would live in the property with my wife and kids when I leave the armed forces. Is this achievable?
- Situation: I am moving to become a non-UK resident. This might be for many years. However I will be on a 3 month test period .I would like to know how to go about getting consent to let from Leek BS and any costs to be incurred
- We are about to buy a place and plan to live in it once we have refurbished but we may need to let the property out but not sure what the criteria is for consent to let from Leek BS? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- Our Leek BS mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- My wife and I want to let our house out and use the rental income to pay rent on a house in Wandsworth. What are the chances of being given consent to let by Leek BS without being forced onto a BTL product.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Leek BS 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS