Need Help?
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.
Skipton Building Society Consent to Lease Example Support Desk Enquires
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My husband and I acquired a mews house in 2007 for 175,500 with Skipton Building Society. I got married to someone in the forces so moved in to married quarters in Cyprus and realise that I need to have to get consent to let from Skipton Building Society. Will they grant permission?
- I have a home loan with Skipton Building Society on a property and I am intending to rent it out and rent an alternative house due to changes in personal circumstances - I want to move to a different location, and to live in a bigger house with my partner. I applied for consent to let and yesterday got reply with a refusal as they felt I want to invest. I as at a loss as to what to do next. I am now at risk since I am already committed to the new house and am faced with paying both Skipton Building Society and rent, which could expose me financially. The matter needs to be resolved soon as a potential tenant is waiting
- I plan to rent our existing apartment out early next year when we move. I will apply for consent to let from Skipton Building Society. The property is currently in my name but I am a higher rate tax payer. Is it best to do a equity transfer to her or can I enter into a Declaration of Trust?
- I have been leasing my flat to a tenant for a few years but not on a BTL mortgage as I thought that you only needed a BTL if you had more than one mortgage. In trying to acquire a further property, I discovered that I should have obtained consent to let at the outset from my lender Skipton Building Society. I'm wondering whether I can now ask Skipton Building Society for a consent to let?
- This is not a question specific to Skipton Building Society but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- Would a previous extension to a mortgage term with Skipton Building Society work against us when we sought consent to let from Skipton Building Society.
- I might potentially need consent to let from Skipton Building Society in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on how long one can let out your property with consent?
- I am interested in consent to let for my property mortgaged with Skipton Building Society. How do I move forward? Do I have to write to Skipton Building Society and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Skipton Building Society 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
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
If your property is 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Skipton Building Society your property may be repossessed