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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.
Frequently asked questions relating to Skipton Building Society consent to lease
- Are you able to advise me what fees Skipton Building Society levy for consent to let out part of my two bedroom apartment? Any insights would be gratefully received.
- I have recently let out my 2 bed flat and have gained a Consent to Let with my MP. 6 months have now elapsed and they have increased my repayment percentage as previously advised. I am unwilling to swap to a preferable product with them, as they will revoke my consent to let. If I was to go with an alternative provider such as Skipton Building Society, would I be required to obtain a BTL loan or could I simply remortgage and get consent to let?
- In 2003 I was given consent by the local authority and my mortgage provider Skipton Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from my house. My parents passed away some years ago and I would now like to lease it out with consent to let from Skipton Building Society. Do you think this can be negotiated?
- How many months after getting a new mortgage will a consent to let be likely to be given by Skipton Building Society? To give some history I bought my apartment in Sutton 2 years ago and am currently on a fixed term for 3 years. I subsequently met my partner and plan to move in to his place. I am planning to get a better fixed term next December. I assume that I would have to wait at least half a year before I could request a consent to let. Is that correct?
- I am considering moving overseas for work and would like consent to let from Skipton Building Society whilst I am away. Is the way forward to prepare a letter requesting consent to let and send it off in the post to Skipton Building Society? The point of renting the property isn't to make money but to retain the house in case things don't work out
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Skipton Building Society and let my one bed flat out if I move in with her?
- At the moment I do not have consent to let from Skipton Building Society but I would like to change to one, An opportunity has arisen which might involve me working away for two years. But want to keep my house for when I come back - are you able to help?
- Me and my fiance and I would like to rent out my home to be nearer to my daughter's college and look after of my mother. How long will the consent to let take to get from Skipton Building Society? 2 weeks?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Skipton Building Society consent to let Questions and Answers
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 standard 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 restrictions are not strictly observed 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 taking legal action 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