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.
Examples of recent questions relating to Dudley Building Society consent to let
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Can one refinance on a consent to let with Dudley Building Society?
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I purchased a mews house in 2007 for 305,000 with Dudley Building Society. I got married to someone in the forces so moved in to married quarters in Belgium and realise that I need to have to get consent to let from Dudley Building Society. Will they give permission?
- I have a garden flat in Hounslow let out which has a sixty year lease. Mortgage broker said I should refinance (currently with Dudley Building Society) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £210k. Not much about in Hackney for me to get my own place. To extend the lease will be in region of 19k. Lease out with consent to let or sell the flat?
- Hi, I have consent to let my house with Dudley Building Society and am about to give my tenant two months notice as I intend to sell the property. I am worried about the property being unoccupied once the tenant goes and finding a buyer. Not once have I defaulted on the account, would it be possible to take payment breaks pending the sale of the property?
- I'm having to relocate to Kenya for eighteen months for my job but I don't want to switch my mortgage to BTL as I want to move back into it when I return. Do you know if Dudley Building Society charges extra on the interest? Is there any way around this?
- We are nine months into a three year first time buyer mortgage with Dudley Building Society. Just wondering whether it's ok to rent out the flat on my current mortgage. Will Dudley Building Society grant consent to let?
- I have a mortgage with Dudley Building Society taken five months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Dudley Building Society as I am planning to buy a further property.
- I am looking at taking a job overseas and have been advised that I need to let Dudley Building Society know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Dudley Building Society consent to let Info
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under 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 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