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Need professional advice for your consent to let with Skipton 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 Skipton Building Society consent to lease
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I am about to join the property ladder interested in a small house in Skipton Building Society. I have a healthy deposit will be getting a mortgage from Skipton Building Society. My predicament is that my girlfriend owns a flat in Nuneaton and I hope to be moving in next month, at which point I would want to let out my house. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
- Two years ago my wife and I purchased our council home, in Camden,recently valued at £175k. It was paid for in full from our own funds, mortgage fee. We can't sell (without repaying back a significant amount of the discount) before five years have expired. Regardless, we want to keep it as a investment property to lease out. We are considering taking out a mortgage with Skipton Building Society. If Skipton Building Society refuse are there lenders that will allow this and grant consent to let?
- My OH and I may have to let his studio flat out. I realise that I must obtain consent to let by Skipton Building Society. We plan to join a landlord association should we decide to let the flat, but which one should we join? We've come across the RLA and National Landlords Association.
- I have a question concerning consent to let. I have a Skipton Building Society mortgage on my house (with quite a bit of equity). I want to purchase and live in a second house but keep my old house and rent it out. What is the best way to 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'd like to know if Skipton Building Society are likely to give consent to us letting out our house in Hackney
- I am interested in finding out more about the Skipton Building Society consent to let process and conditions for granting.
- What are the circumstances under which Skipton Building Society will decline a consent to let application?
- We are mulling over a remortgage offer with Skipton Building Society and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any penalties I should that may be applicable?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Skipton Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Skipton Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 violation of your covenants under 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 Skipton Building Society your property may be repossessed