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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
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I am about to join the property ladder hoping to complete on a terraced house in Dudley Building Society. I have a healthy deposit will be getting a mortgage from Dudley Building Society. My concern is that my girlfriend owns a apartment in Slough and I can foresee myself moving in next month, when I would want to let out my house. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
- I vacated my flat about seven months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending next month and I am considering refinancing in any event. I want to ask for consent now, is that going to be a problem?
- We are currently in Melbourne and letting out our flat in the UK. This is not something we planned but an opportunity came up and we took it. The rent we make on the property is insufficient to cover the mortgage so we send back funds each month to make up the shortfall. Anyway this morning our lender got in touch telling me that because the property is being let out and has been for almost two years we will have to pay 1.5% interest in addition to our current mortgage rate. One option is to sell up but this will be far from easy as I am so far away. Could we remortgage with Dudley Building Society and get consent to let?
- As a result of a change in personal circumstances my wife and I are housesitting my parents house while they are away and letting our home out. We are going to need for consent to let from Dudley Building Society. Will this be given? We will need to remortgage in the next year will we then switch to a BTL mortgage. We will definitely return to our home at the beginning of 2017?
- My husband and I are 12 months into a three year standard mortgage with Dudley Building Society. Just enquiring if it's ok to let out the property on my current mortgage. Will Dudley Building Society grant consent to let?
- I am considering renting my house will Dudley Building Society invoice me for a consent to let letter?
- What, if any, income requirements do Dudley Building Society set for consent to let on an existing domestic mortgage?
- I'm mulling over a remortgage offer with Dudley Building Society and it's a strong possibility that I will require consent to let during the fixed period. Are there any fees I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Dudley Building Society consent to let Questions and Answers
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
If 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 trigger 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 terms are not adhered to you may be in breach 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