Need Help?
Need professional advice for your consent to let with Dudley 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 Dudley Building Society consent to lease
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I have been letting out my flat with "consent to let" from Dudley Building Society on a homeowner mortgage for the last 24 months. Dudley Building Society have put forward an ultimatum revoking consent to let unless we switch to one of their "buy to let" deals.
- My query does not specifically concern consent to let, I was enquiring as to whether you have an contact details for a dedicated Dudley Building Society team who deal with consent to let applications. Dudley Building Society has a first charge over my flat.
- Is it legal to rent out our property minus consent to let from our lender? I am aware that at the time we signed a contract saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other property at the time, but what about property after the event? Can you purchase a further property, receive a gifted property?
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I have had very few viewings. This is because my neighbour is a drunk and assaulted me last year. I have had to mention this on the disclosure form. Mortgage is with Dudley Building Society on a standard variable rate. It has been suggested to me that I should seek consent to let from Dudley Building Society and rent the property for a year or two.
- It would be helpful to know if Dudley Building Society are likely to grant consent to let out our flat in Westminster
- How easy is it to get a consent to let from Dudley Building Society and what will it cost me? If I want to let out my property for two months how easy is it to fluctuate between a owner occupier mortgage and consent to let?
- My husband and I are trying to figure out which lenders are best for allowing consent-to-let without hiking up rates, and hopefully permitting more than 2 years where necessary. Is that something you can help with? We are particularly interested in Dudley Building Society
- Me and my OH and I have a mortgage with Dudley Building Society on our two bedroom first floor purpose built flat in Enfield. We are hoping to buy a new house to move into. How do I move our current mortgage on to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Dudley Building Society consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society