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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.
Questions and Answers: Leek BS consent to let
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I am employed by letting specialists in loc and a potential tenant for the house has demanded a duplicate of the ‘consent to let’ from the owners lender Leek BS. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
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In a worst case scenario what action Leek BS can take if I have Sublet my flat in the absence of consent to let?
- I am three years up in my 5 years fixed rate mortgage and planning to take a job abroad so would like to let my property for two years. My equity is about seventy per cent. My question is if Leek BS will load the interest rate for consent to let for two years?
- My fiance and I might have to lease out her apartment, and I have a question concerning obtaining consent to do so. I know I need to inform Leek BS and get a consent to let or move across to a BTL mortgage. But the property is leasehold, so do we need consent to let from the freehold company?
- My fiance and I are the registered owners of a property in Bristol with Leek BS and am moving to rent a property in Brighton due to work. Is consent to let from Leek BSpossible? I only want to lease out the flat for six to nine months before selling.
- My mortgage company refuse to issue consent to let until I have a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I can't be certain but I think my friend had a similar issue with Leek BS.
- I am deliberating on renting my apartment will Leek BS bill me for a consent to let letter?
- I have a house in Ealing. I would like remortgage with Leek BS and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if it would trigger the penalty payment?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Leek BS consent to let Advice
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Leek BS your property may be repossessed