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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.
Questions and Answers: Yorkshire Building Society consent to let
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Just wondered if Yorkshire Building Society activate a right to change the rates on a standard mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL range'?
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My husband and I are moving to Dubaiin Month, possibly for a little as 9 months but it could be longer term. I'm in the process of writing to Yorkshire Building Society for consent to let out my property (we have already found tenants). The mortgage has been in place with Yorkshire Building Society for 9 years and I have never had any arrears. Yorkshire Building Society inform me, that even if they do agree, that this will be limited for a period of twelve months. And then what?
- I have rented out my studio flat in Waltham Forest for the previous two years, and I didn't realise that I required consent to let. I would like to do things properly. What are the legal implications of my failure to secure consent to let?
- I previously took a mortgage with Yorkshire Building Society and the LTV is currently 45% with the Yorkshire Building Society current book value and I'm looking to acquire another property but would like to keep my existing property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Yorkshire Building Society need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- My partner and I are 12 months into a three year residential mortgage with Yorkshire Building Society. Just wondering whether it's ok to let out the flat on my existing mortgage. Will Yorkshire Building Society give consent to let?
- Can I remortgage to Yorkshire Building Society from my existing lender, with a consent to let or do I need a let to buy homeloan, and if so what are the LTV's?
- My brother and I would like to lease out my apartment to be closer to my son’s college and take care of my father. What do I need for the application of consent to let from Yorkshire Building Society?
- I got a residential homeloan with Yorkshire Building Society. I bought the property in March this year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Yorkshire Building Society consent to let Info
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
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 standard 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Yorkshire Building Society