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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.
Top Five Questions relating to Dudley Building Society consent to lease
- I have a two bedroom first floor purpose built maisonette in Hillingdon let out which has a sixty year lease. Mortgage adviser said I should refinance (currently with Dudley Building Society) as a buy to let instead of consent to let and release 65-70k which on top of a new homeloan based on my income would give me a budget of £210k. Limited available in Lewisham for me to buy my own house. To extend the lease will be in region of 13k. Not sure sure whether to hold on or sell the flat?
- My wife and I may be presented with an opportunity to work in a different office in the UK for a few months and would like to know if we can let our existing apartment. It is a two year fixed rate and we are seven months into the mortgage with Dudley Building Society. We have lived at the property for over five years. The LTV is 80%. Are we likely to get consent to let from Dudley Building Society? What charges can we expect to pay etc
- The plan is to move in with my partner and I have let my property out to 2 tenants on a one year tenancy. I am now applying for consent to let from Dudley Building Society but what if they decline. I can’t renege on my contract in terms of not renting the students as they have all signed up. On the other hand Dudley Building Society could take me to court for contravention of a condition i.e. letting it out without consent to let.
- If a property owner opts to let out their property without consent to let from Dudley Building Society - what, if any implication might there be for an agent acting on their behalf?
- If I let my house out with consent to let from Dudley Building Society will there be any rate difference? I am currently on a standard variable rate.
- I'm soon to switch mortgage provider to Dudley Building Society for a fixed rate but the likelihood is that I would need to rent the apartment out for just under 12 months. Do Dudley Building Society consent to let on fixed rate home loans and if so, what are the procedures.
- I am looking to get consent to let with my Dudley Building Society residential mortgage. It is a detached house. Do Dudley Building Society grant consent on this basis? Or would it be regarded as an HMO?
- I have a domestic mortgage with Dudley Building Society. I bought the property in July two years ago. Is it possible to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Dudley Building Society consent to let information
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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society