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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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Can you clarify if consent to let obligatory from Dudley Building Society or can I lease out my property without telling Dudley Building Society and having to transfer to a buy-to-let mortgage?
- I have had a current homeloan with Dudley Building Society approaching twenty four months and the fixed rate is soon to come to an end. We are looking at extracting equity from our present home to enable us to purchase a more substantial home and then let out the current garden flat. We have had initial advice that we ought to get a new domestic mortgage with a consent to let - can you clarify what is involved?
- Ever since 2013 I have had a Dudley Building Society mortgage with my twin and am looking to vacate and get a new mortgage with my partner. How should I proceed with leasing out my room? Do I need consent to let by Dudley Building Society? My twin will remain in the property
- I have been in the Royal Navy for three years and planning to purchase a property with a Dudley Building Society mortgage. I would like to get consent to let the house to my parents. In years to come I plan to reside in the property with my wife and kids when I leave the Royal Navy. Will I need to apply to my Commanding Officer to request permission to rent it out?
- If I let my house out with consent to let from Dudley Building Society will will theyjack up the interest rate? I am presently on a standard variable rate.
- I would like to know all the factors and requirements in place to change my Dudley Building Society mortgage to a consent to let?
- My daughter has a mortgage with Dudley Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be given consent to let? What is the process and fees involved?
- We have a mortgage with Dudley Building Society and would be thinking about buying another main residence and then subsequently renting our current home out. Do I need consent to let from Dudley Building Society?
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General Advice to read in supplemental the above Dudley Building Society consent to let Questions and Answers
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
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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society