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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.
Yorkshire Building Society Consent to Lease Example Support Desk Enquires
- My fiance and I are currently eighteen months into a year fixed rate mortgage with Yorkshire Building Society. Ideally we would like to purchase a larger second property in the next few months however would like to keep the first home and I was wondering what reason we could put down on the consent to let application to obtain consent to from Yorkshire Building Society
- We recently sorted our rates for another fixed five years with Yorkshire Building Society. However, I attended an interview and basically I accepted the job offer in Sutton. I'm going to rent a two bedroom flat for the family in Brent as we don't want to sell the house and moreover we might come back before two years.... We really have no idea whether it will go. We have contacted Yorkshire Building Society but we would like also your take on the situation. How is it to have a consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- My gf and I might have to let out her flat, and I have a query concerning obtaining consent to do so. I know I need to notify Yorkshire Building Society and get a consent to let or change to a BTL product. But the property is leasehold, so do we need consent to let from the management company?
- What is the maximum period of time allowable to Yorkshire Building Society that I would be able to let my property before having to switch mortgage or sell my house? Essentially, my partner has asked me to move in with him and I really don't want to sell my house. I would like the comfort of knowing I still own my own property.
- When it comes to consent to let from Yorkshire Building Society am I supposed to tell them each time we get a new tenant and send them a copy of the AST?
- Do you know whether Yorkshire Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Yorkshire Building Society let me raise capital based on the rental revenue ?
- I would like some guidance on how best to approach my mortgage lender Yorkshire Building Society regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- My husband and I want to consider the option of renting out my property with consent to let from Yorkshire Building Society whist away travelling for four months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Yorkshire Building Society consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Yorkshire 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 regular 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society