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.
Common questions relating to Ecology Building Society consent to lease
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I work for letting specialists in loc and a potential tenant for the house has demanded a copy of the ‘consent to let’ from the owners lender Ecology Building Society. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I am wanting to contact my lender Ecology Building Society explaining the following logic for me asking for consent to let ; "I am having difficulties paying the mortgage and thinking about a to move to a smaller place but can't sell. I wish to avoid failing to make payments and have considered giving back the property to you. If I had consent to let this will likely solve matters." What are the chances that this will result in a positive response?
- My flat has a mortgage against it with Ecology Building Society and I have been renting the property without consent to let, making me in breach of my mortgage terms and condition. I suspect that they have found out that I am not residing there. What are the legal repercussions of my actions?
- I'm twelve months into a two year fixed mortgage with Ecology Building Society. The LTV is only 40%. I've identified a really good deal on a garden flat in Bromley which I would not want to miss. It seems the only way to purchase the other property is to take out some good chunk of equity. I'm thinking of letting the current home which would adequately cover the homeloan with Ecology Building Society. Is it possible to obtain consent to let from Ecology Building Society and ask for additional borrowing after it's let out?
- My mortgage company refuse to grant consent to let without a move in date confirmed with a tenant. How can I confirm this without consent to let? I can't be sure but I vaguely recall my friend had a similar issue with Ecology Building Society.
- I don't currently have consent to let by Ecology Building Society but I would like to change to one, I am looking at working away for a couple of years. But want to keep my property for when I come back - are you able to assist?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with Ecology Building Society. I have had licence to sublet my GFF from the freeholder of the block and they asked for a copy of the consent to from Ecology Building Society.
- Will Ecology Building Society give consent to let my property? I currently have a homeowner mortgage, never had arrears and have been with Ecology Building Society for just over since 2012. What charges am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Ecology Building Society consent to let information
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 result in your insurance becoming invalid. 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
Should the tenure of your property be 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Ecology Building Society your property may be repossessed