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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.
Recently asked questions relating to Yorkshire Building Society consent to lease
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Finding myself in a pickle with a Consent to Let home loan. Having sought consent to let my bank has asked me to provide them with a signed tenancy agreement prior to issuing consent. If I get a signed tenancy agreement would I not be breaching the lender’s terms and conditions?
- We have a homeowner mortgage with Yorkshire Building Society. This has been in place for four years. We are considering leasing out our property and renting in a village close to our kid’s school until we find the right property to buy. Do Yorkshire Building Society ordinarily issue consent to let and if so, are there any financial implications?
- If I took out a new product with Yorkshire Building Society how long do I have to wait for consent to let without switching from a normal mortgage?
- Me and my husband have a flat in Harrow which we purchased as a new-build about eight years ago. As childen are growing up we require more space. We've identified a property in Brent that we would like to buy and want to keep the flat as an investment to rent out. The mortgage is with Yorkshire Building Society and we've found a tenant who will pay rent in excess of the monthly mortgage amount. Our query is, can we keep the repayment mortgage with Yorkshire Building Society so we effectively paying off our mortgage on the property or do we have to switch to a buy-to-let mortgage?
- My son has a mortgage with Yorkshire Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the procedure and fees involved?
- I would like to let my home for two years at most. How do I go about getting consent to let from Yorkshire Building Society who I have a mortgage with?
- I am after more information regarding consent to let mortgages, potentially moving our existing mortgage with Yorkshire Building Society over to a consent to let one.
- I recently purchased a garden flat in Redbridge. I am first time buyer. I am moving Belfast next month, can I get consent to let from my lender Yorkshire Building Society or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Yorkshire 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with Yorkshire Building Society your property may be repossessed