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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.
Recently asked questions relating to Holmesdale Building Society consent to lease
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Do I need consent to let from Holmesdale Building Society or can I lease out my property without telling Holmesdale Building Society and having to transfer to a B2L loan?
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I intend to let out my flat to some tenants who have asked me for sight of my ‘consent to let’ from Holmesdale Building Society, my mortgage lender. Why would they ask for this
- Can you confirm whether it is possible to receive consent to let with non-commercial mortgage with Holmesdale Building Society? We are planning to relocate to Croydon to be nearer to our children’s college, but we are unsure if the relocation will be permanent.
- I have a residential property but I am moving with my girlfriend to a different town for career reasons and moreover near her university. My preference is to keep my house but it is unlikely that I can afford a BTL rate. It will only be short term -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Holmesdale Building Society. Is there a chance I won't be approved for consent to let?
- What are the circumstances under which Holmesdale Building Society will refuse a consent to let application?
- I want to take in in a lodger for my ground floor flat in Harrow which I live in. My mortgage is with Holmesdale Building Society. How do I go about getting a consent to let?
- Our Holmesdale Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Is it possible to negotiate a consent to let from Holmesdale Building Society if I have an existing mortgage which has been in place for eight years?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Holmesdale Building Society consent to let information
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
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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