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Need professional advice for your consent to let with Dudley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Dudley Building Society consent to lease
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Is consent to let needed from Dudley Building Society or can I let my property without telling Dudley Building Society and being forced to switch to a buy-to-let mortgage?
- The plan is to move in with my partner and I have let my property out to two students on a one year AST. I am now applying for consent to let from Dudley Building Society but what if they refuse. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Dudley Building Society could sue me for contravention of mortgage condition i.e. letting it out without consent to let.
- My husband have an offer accepted to purchase a property, we have a deposit of between 20-25% for a domestic mortgage with Dudley Building Society. The one concern is we are due to go overseas in two months for work. We are using a mortgage broker. He says if you tell this to Dudley Building Society in advance we will need to get a buy to let. Do go ahead with residential mortgage with Dudley Building Society, shortly thereafter seek consent to let? Otherwise, do we try and contact Dudley Building Society now and reveal there is a chance we will move abroad in the future (nothing is confirmed regarding the move abroad) and see if they agree in advance that it should not be a problem
- In 1999 I was given permission by the local council and my lender Dudley Building Society to convert a small barn into a granny annex, conditional on it not being disposed of separately from my house. My parents died some years ago and I would now like to lease it out with consent to let from Dudley Building Society. Do you think this will be possible?
- I have split up with my wife and we have moved back in with our respective parents and intend to divorce. What do I have to do to get Dudley Building Society to give consent to let our house out to tenants?
- I am looking to Dudley Building Society to grant consent to let out my basement flat in Ealing. I am moving to India for 5 months on a secondment.
- Can you tell me how much the fees are and if Dudley Building Society typically issue consent to let without switching to a commercial rate?
- I'm interested to find out more about consent to let from Dudley Building Society. Would a valid reason be parking problems and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Dudley Building Society consent to let Questions and Answers
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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of 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 Dudley Building Society