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.
Frequently asked questions relating to Dudley Building Society consent to lease
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I’d appreciate your advice if you have had experience asking for Consent to Leasefora year from Dudley Building Society or if you know how such permission is obtained.
- My husband and I have a residential mortgage with Dudley Building Society. This has been in place for three years. We are considering leasing out our house and renting in a village near our kid’s school until a suitable property becomes available to purchase. Do Dudley Building Society normally give consent to let and if so, are there any financial consequences?
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We have an existing mortgage with Dudley Building Society and wish to clarify if it would be possible to receive consent to let out our garden flat in Havering.
The purpose for needing to find tenants for the property are are due to: -
- My family and I will be moving to Melbourne in 3 months.
- By letting out the property this will facilitate savings to help the migration process.
- It would be pointless from a financial perspective to redeem the mortgage for a property which we are not living and by leasing out the place this would be viewed as continuing investment.
If Dudley Building Society granted permission to us for renting we would suggest some financial assurances to include: -
- Maintain paying the monthly mortgage payment directly from my bank account.
- Retain the services of an approved letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Provide our contact details for when we emigrate.
- How long do I need to have a further advance from Dudley Building Society before one is eligible for consent to let. Can I speak with a member of your team to go through my options please?
- My OH and I are nine months into a three year domestic mortgage with Dudley Building Society. Just wondering whether it's ok to rent out the property on my existing home loan. Will Dudley Building Society give consent to let?
- My OH is in the process of purchasing a new property in Westminster and is on to a good deal as it requires renovating. We want to rent our current property for two years and come back to live. Is there anything in the Terms and Conditions of my Dudley Building Society mortgage to say I can let it out or do I require specific consent to let?
- My Dudley Building Society mortgage rate comes to an end this year can I go on a interest only with consent to let?
- I wish to apply for consent to let from my lender Dudley Building Society to let out my house. . Can you tell me whether Dudley Building Society allow consent to let in these circumstances?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Dudley Building Society consent to let Advice
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
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 conditions are not complied with 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 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