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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.
Recently asked questions relating to Dudley Building Society consent to lease
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Finding myself in a catch 22 with a Consent to Let home loan. In response to requesting consent to let my lender has requested that I produce a signed AST as a prerequisite to granting consent. Is is not the case that if I adhered to their request that I would be breaching the terms of my existing mortgage?
- What is the procedures for obtaining consent to let from Dudley Building Society? What evidence do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than lease out the property?
- I have been offered a once in a lifetime job opportunity for 9 months abroad. I have enough cash reserves to meet the monthly Dudley Building Society mortgage however the buildings insurance requires continuous residency in order not to be invalidated. Last winter the roof had some leaks that were repaired. If there happened to be any problems in the winter months I would find it hard to cover the repair costs. How likely is it that I will get consent to let from Dudley Building Society for the period I am overseas?
- We are hoping to use equity in my current house to purchase another property which I propose to live in whilst I renovate it. I would like to rent my first property with the Dudley Building Society homeloan. How likely is it that I will obtain consent to let? House is valued at £450 k with a £200k mortgage in place.
- I was just curious as to whether Dudley Building Society would give consent to let and what kind of fees, penalties and new rates etc
- Can you help with a question...if consent to let is given by Dudley Building Society would it usually be subject to a time limit, such as one year?
- I am potentially moving in with my girlfriend at her home and would like to rent out my property that I bought last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to gain consent to let from Dudley Building Society If I obtain consent will my mortgage payments go up?
- I have just recently bought my flat and took out a mortgage with Dudley Building Society but my boyfriend has asked me to move in with him. Would I be granted consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Dudley 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming null and void. 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 restrictions are not strictly observed you may be in breach of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society