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
- My partner and I are interested in finding out more about the conditions customers have to satisfy before consent to let from Holmesdale Building Society is granted. Are there any restrictions on who can be given consent?
- Where is the Holmesdale Building Society consent to let form on your webpage I couldn't find it on the net.
- My partner and I are intent on acquiring a house, renting two of the rooms out to help cover the loan with Holmesdale Building Society, and then moving on in two or three years - at which point the property would be fully let. Is it likely that Holmesdale Building Society would look at this unfavourably as I will have been issued with a standard homeloan rather than a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this correct?
- Just wondering whether Holmesdale Building Society perform any checks when seeking a homeowner mortgage, I'm preferably looking to rent the property out and am unsure as to whether I should apply for consent to let. How would they find out if I rent the house out?
- I took a residential mortgage with Holmesdale Building Society - 32% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could rent out the house?
- I have a residential mortgage with Holmesdale Building Society, and I would like to rent the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- I am looking to get consent to let with my Holmesdale Building Society residential mortgage. It is a mid terraced house. Will Holmesdale Building Society grant consent on this basis? Or would it be regarded as an HMO?
- I have four months to remaining on a 2 year residential mortgage with Holmesdale Building Society but now rent the house out. is it safe to assume they will simply charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Holmesdale 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
Failure 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 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
Failure 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 Holmesdale Building Society