Need Help?
Need professional advice for your consent to let with Ecology 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 Ecology Building Society consent to lease
- Hello, I have a mortgage on a flat with Ecology Building Society and I am contemplating the idea of letting the property out. Could this be done without transferring to a BTL or receiving consent to let from Ecology Building Society?
- I would like to buy a second property having recently purchased a studio flat on normal mortgage. Planning to purchase in a few months time. I am told that I may need consent to let from Ecology Building Society, my current mortgage provider? What is the best way to manage this and obtain the consent needed.
- How long must you own a property before one is eligible for consent to let from Ecology Building Society? If given, can it be withdrawn months later?
- My partner phoned Ecology Building Society on last week concerning consent to let. He is expecting a returned call. We have placed an offer in on a new build property that has been accepted in principle so would like to know how likely it is that we will receive consent to let from Ecology Building Society?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Ecology Building Society to allow us to get a mortgage also with Ecology Building Society for a new home?
- How do I go about getting a consent to let application form from Ecology Building Society and how quickly can I get the consent?
- I took a residential mortgage with Ecology Building Society, and I would like to let the flat out, until I decide whether to sell or hold on to it as an investment. As things stand I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. BTL?
- Is consent to let a less costly way of renting out your property? Isn't this a loophole for some borrowers to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Ecology 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit 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 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.
If you do not keep up the payments on your mortgage with Ecology Building Society your property may be repossessed