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.
Examples of recent questions relating to Skipton Building Society consent to let
- I let my flat a year ago and didn't tell Skipton Building Society. I have a five year domestic mortgage (large amount of equity in it, no arrears) and want to let Skipton Building Society know and get consent to let for the final two years of my mortgage . I am unsure how to go about this.
- As we are relocating and unable to sell our property, we are mulling over letting it out. Am I duty bound to advise Skipton Building Society? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I thought if you continued paying on time it shouldn't be a problem, but am now nervous about insurance consequences if I have let my property out on the sly. Any thoughts?
- Earlier this week I received a MIP from Skipton Building Society for a mid terraced house. I have applied through Right to Buy. It is a capital and interest mortgage. I am curious as to what is the main criteria Skipton Building Society adopt in order to grant customers consent to let? Is consent to let based on the rental yield of a property?
- We have a self certified mortgage with Skipton Building Society that we are having problems securing consent to let due to being in Hong Kong and leasing the apartment a few years ago without their consent which was an oversight by us. We have a <45% LVR and made overpayments of £500pm for 4 years so we are not in arrears. We are willing to switch onto a BTL mortgage with Skipton Building Society at a jacked up rate however that has not been offered to us.
- We are considering a remortgage and also exploring the possibility of renting the property in the years to come - Is there a charge with Skipton Building Society to obtain a consent to let and what are the criteria?
- Me and my wife and I would like to obtain consent to let on a house where we have a mortgage with Skipton Building Society. If issued, how long would consent be given for? In asking for consent to let from Skipton Building Society are we running the risk of them forcing us to change deal to BTL
- Do you have the address to which a Consent to Let request to be sent for Skipton Building Society? Sorry about bothering you with this query.
- About to remortgage my home but will likely be moving out in the next year and would be looking to lease it out. Do Skipton Building Society give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Skipton Building Society consent to let Info
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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 Skipton Building Society