Need professional advice for your consent to let with Yorkshire Bank Home Loans Ltd? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
A friend of mine suggested that this summer I rent out my apartment and make money from it while I am on holiday. It only a short term option for ten days. Is advanced consent to let from Yorkshire Bank required?
I am a FTB interested in a terraced house in Yorkshire Bank. I have a good size deposit will be getting a mortgage from Yorkshire Bank. My predicament is that my partner has a flat in Nuneaton and I hope to be moving in next year, at which point I would have to let out my property. I have heard of consent to let but it does not sound like a positive outcome is assured. Is there any advice you can impart?
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.
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could result in your insurance becoming invalid. 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
If your property is 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.