Need Help?
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.
Questions and Answers: Dudley Building Society consent to let
- My flat valued at £97,000. Outstanding mortgage £30k with six years to run. Obtain consent to let via Dudley Building Society for current residence and utilise income to pay off the last few years of the loan. Take out 65 per cent Dudley Building Society loan on further property that becomes my primary address? Can this be done?
- I have a mortgage with Dudley Building Society however my husband and I will be relocating to New Zealand in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My fiance and I might have to rent out her apartment, and I have a query regarding obtaining authority to do so. I know I need to inform Dudley Building Society and get a consent to let or transfer to a buy to let product. But the property is leasehold, so do we have to get consent to let from the residents association?
- I have found myself in the accidental landlord category and without consent to let from Dudley Building Society. I had to leave my property for work reasons, so am now based in another part of the country. At first I attempted to sell the flat, but prices were deflated, resulting in negative equity. This was a couple of years ago in 2011, the value has increased and has allowed me time to accumulate savings. I am in now in a position where I can now convert to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Dudley Building Society that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances backed me into a corner. Any help will be greatly appreciated?
- I'm wanting to know how to go about getting consent to let from Dudley Building Society and any costs involved. I've moved in with my partner and have a family member wanting to let out the property.
- I have a homeowner mortgage with Dudley Building Society and require consent to let. What are the criteria and requirements that I need to be aware of in order to obtain consent?
- Is consent to let required from Dudley Building Society if I am planning to reside in the flat myself for half of the year? Furthermore if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
- My husband and I want to consider the option of renting out my house with consent to let from Dudley Building Society whist away travelling for a few months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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 Dudley Building Society