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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
- Me and my wife are currently twelve months into a year fixed rate mortgage with Skipton Building Society. Ideally we would like to buy a more substantial second property in the coming months however would prefer to keep the first house and I was enquiring as to what reason we could put down on the consent to let application to get their approval
- After retiring in 2014 I purchased a “retirement home” for my wife and myself to live in. Our intention is to let our current property to our kids and I have consequently asked Skipton Building Society for consent to let. Do you think this is likely to be given?
- My gf and I might have to let out her flat, and I have a question concerning obtaining consent to do so. I know I need to inform Skipton Building Society and get a consent to let or move to a buy to let product. But the property is leasehold, so do we need consent to let from the residents association?
- I have an annex that my mother has vacated. As my property is large I was thinking to move into the annex and let the rest out. This is also due to change of circumstances. Would I need a consent to let from Skipton Building Society?
- It is looking as though I may need to move to NYC for two years, I have a house with a Skipton Building Society mortgage. Do I need to seek consent to let? Will they grant it?
- I currently have a mortgage with Skipton Building Society, but I am going to move out for approximately a year as we need to be closer to my partner's father. Will Skipton Building Society give consent to let?
- We would like to move home and have found a house we wish to purchase so are considering leasing out with consent to let from Skipton Building Society for our existing property to enable us to place an offer and not lose the potential new property.
- Me and my husband may need to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Skipton Building Society or do I keep schtum?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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