Need Help?
Need professional advice for your consent to let with Holmesdale Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Holmesdale Building Society consent to lease
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I work for a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender Holmesdale Building Society. Why would they ask for this
- My husband and I have a homeowner mortgage with Holmesdale Building Society. My company has offered me a property as part of my job and would like to rent out my current home. The mortgage broker has advised me it is straightforward process. Are you able to provide me with some information please?
- As a result of changes in my personal circumstances I intend moving in with my girlfriend next month and I have let my property out to 2 students on a twelve month tenancy. I am now applying for consent to let from Holmesdale Building Society but what if they refuse. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Holmesdale Building Society could take action for breach of mortgage condition i.e. letting it out in the absence of consent to let.
- If a property owner opts to rent out their property in the absence of consent to let from Holmesdale Building Society - what, if any implication could there be for an agent acting for the landlord?
- We are looking at new mortgages and also exploring the possibility of renting the property in the future - Is there a fee with Holmesdale Building Society to receive consent to let and what are the requirements?
- Me and my OH and I have a mortgage with Holmesdale Building Society on our garden flat in Lewisham. We are planning to buy a new house and move in there. How do I switch my existing mortgage on to consent to let?
- Me and my husband am looking into the option of renting out my flat with consent to let from Holmesdale Building Society whist away travelling for six months
- I'm considering a remortgage offer with Holmesdale Building Society and it's likely I will need take advantage of any consent to let option if available at some point in the fixed period. Are there any charges I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Holmesdale 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 Holmesdale 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 standard 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
Should the tenure of your property be 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 breach of your covenants under 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 taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Holmesdale Building Society your property may be repossessed