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.
Yorkshire Building Society consent to let: Q and A’s
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I bought a flat in 2011 for 185,000 with Yorkshire Building Society. My husband’s job requires him to relocate to Qatar and appreciate that I have to have to get consent to let from Yorkshire Building Society. Will they give consent?
- Having spent twenty years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Yorkshire Building Society. In the relocation destination, we are be looking at a 3-bed property around the £350k mark. Ideally, we would like to keep hold of my existing property. Could I ask for Consent to Let from the proposed new lender Yorkshire Building Society. If granted what are the likely requirements?
- I previously took a mortgage with Yorkshire Building Society and the loan to value is currently 60% with the Yorkshire Building Society current book value and would like to purchase another property but do not want to sell my current property at the current market value. I have had CTL from Northern Rock on a previous property so know a bit about them and I also have buy to let with Scottish Widows on another property. Does the expected rental income on a consent to let with Yorkshire Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- I am currently a Yorkshire Building Society mortgage customer looking for consent to let on an existing property. We would like to buy near where we are based with the Royal Navy,... but we might have to relocate.
- I have a domestic mortgage with Yorkshire Building Society and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- My OH and I are 12 months into a five year domestic mortgage with Yorkshire Building Society. Just wondering if it's permitted to let out the property on my current home loan. Will Yorkshire Building Society issue consent to let?
- Me and my fiance and I have a mortgage with Yorkshire Building Society on our one bedroom apartment in Bexley. We are hoping to buy a new house and move in there. How do I switch our current mortgage on to consent to let?
- Will Yorkshire Building Society give consent to let my house? I have an existing homeowner mortgage, never been in arrears and have been with Yorkshire Building Society for just over since 2009. What fees am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Yorkshire Building Society consent to let Advice
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
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
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society