Need Help?
Need professional advice for your consent to let with Yorkshire Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Yorkshire Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I plan to contact Yorkshire Building Society to obtain consent to let out my house in Yorkshire Building Society. However I currently have the property for sale but there without a sniff of interest and paying a full mortgage, council tax and insurance on an empty house is draining me financially. What approach would Yorkshire Building Societytake if I market the property?
My partner and I are moving to Dubaiin Month, initially temporarily but conceivably longer term. I'm in the process of writing to Yorkshire Building Society for consent to let out our property (we have already found tenants). I have been with Yorkshire Building Society for three years and I have never had any arrears. Yorkshire Building Society inform me, that even if they consent to the letting, that this will be a temporary arrangement for a single year. And then what?
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.
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of 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.
Neglecting 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.