Need professional advice for your consent to let with The Chorley & District Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My husband and I purchased a mews house in 2011 for 155,000 with The Chorley & District Building Society. I got married to someone in the forces so moved in to married quarters in Belgium and now wish to obtain consent to let from The Chorley & District Building Society. Do you have any experience of consent to let from The Chorley & District Building Society?
Are any options available to me if my application to obtain consent to let is turned down by The Chorley & District Building Society?
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.
One thing to remember when arranging a consent to let mortgage with The Chorley & District 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
Should the tenure of your property be leasehold, the lease may prohibit 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to advise 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.