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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.
Dudley Building Society consent to let: Q and A’s
- Eighteen months ago my wife and I bought our council house, in Wandsworth,recently valued at £240k. It was paid for in full from our own finances, mortgage fee. We are prohibited from selling (without repaying back a significant amount of the discount) before 5 years have expired. Regardless, we wish to retain it as a investment property to let out. We are considering taking out a mortgage with Dudley Building Society. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. Are you able to assist?
- Under what situations will consent to let for a property be granted from Dudley Building Society? How long do you have to have had the mortgage before consent to let can be obtained from Dudley Building Society? In order to give you some history we are going abroad for 20 months with my wife’s business and will need to rent our house. I am interested in seeking consent to let initially to be able to renting the property out to offset the expense of the Dudley Building Society mortgage.
- I'm looking to apply to Dudley Building Society for consent to let on our existing residential property in Hounslow. I am looking to release equity from my existing home ahead of this, and using that money to acquire a new residential property. I will stay in that property whilst doing it up for six months after which I intend to sell it then move back to my current property. Is this something Dudley Building Society will consider consent to let for or does this fall outside the standard criteria?
- Just a quick question as a bit in the dark and wondering if Dudley Building Society perform any checks when seeking a residential mortgage, I'm ideally looking to lease the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I rent the house out?
- How easy is it to get a consent to let from Dudley Building Society and what are the fees? If I want to let out my property for two months how simple is it to chop and change between a standard mortgage and consent to let?
- Please can you set out the process for getting a consent to let from Dudley Building Society? Is there specific policies for instance you must live in the property for a year before its granted?
- Me and my wife have had my mortgage with Dudley Building Society since 2006 and always made payments If I asked for consent to let would it be given?
- We took out a mortgage with Dudley Building Society a few months ago and although it's a long way off we may have to relocate around next Summer and would like to be able to let our apartment out. Is this possible with a residential mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
One thing to remember when arranging a consent to let mortgage with Dudley 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
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 violation of 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society