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
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Due to problems with the area we live in (it's rough!), we are now looking to move. As disposing of the property will result in redemption penalties to Leek BS of £3500, we considered that it would be sensible to rent it out. In the circumstances we need consent to lease from Leek BS only a year. What can I do to get consent?
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I am a first time buyer hoping to complete on a detached house in Leek BS. I have a 40% deposit and expect a mortgage from Leek BS. My predicament is that my partner has a apartment in Slough and I anticipate moving in next month, at which point I would want to let out my house. I have heard of consent to let but it does not sound like a positive outcome is assured. Can you offer any advice?
- My wife and I purchased a house in MIddlesbrough and will be relocating to Amersham at the beginning of the month. I have a letting agency and tenant now. I was proposing to keep quiet as I'm concerned Leek BS will say I have to change my mortgage rate for buy to let which is not financially feasible. I appreciate that it would be preferable to seek a consent to let via Leek BS but am afraid if I come clean it would result in no end of problems
- I need to decide what to do ie let or sell. I have a Leek BS mortgage on my property (with a large chunk of equity). I want to purchase and live in a second house but keep my old house and rent it out. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I am trying to find out Leek BS fees for conversion to consent to let from a fixed rate residential mortgage?
- My job is now requiring mebe in different locations a lot and as a result I wanted to understand the procedure for seeking consent to let with Leek BS
- I was just wondering how to obtain consent to let from Leek BS...do I phone them or apply formally in writing to them?
- Please can you inform me how much the fees are and if Leek BS typically give consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Leek BS consent to let information
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
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 notify them may 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
Should the tenure of your property be leasehold, the lease may prohibit 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 violation of the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Leek BS