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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.
Dudley Building Society consent to let: Q and A’s
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Can Dudley Building Society invoke a right to increase interest rates on a non-commercial mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their Buy to Let loans'?
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Can you clarify if consent to let obligatory from Dudley Building Society or can I rent out my garden flat without telling Dudley Building Society and having to convert to a B2L loan?
- In what circumstances will consent to let for a property be given from Dudley Building Society? For what period of time do you have to have had ownership of the property before consent to let can be negotiated with Dudley Building Society? In order to give you some history I am a young doctor in a house purchased a matter of months ago. A dream job opportunity involving moving to a different city on a permanent basis has arisen. I am looking at securing consent to let in the first instance with a view to put a tenant in it to offset the expense of the Dudley Building Society mortgage.
- Much to my surprise I have been offered a once in a lifetime career opportunity for eight months overseas. I have enough money to meet the monthly Dudley Building Society mortgage yet the block insurance requires continuous residency in order to be valid. Last December the roof was damaged but repaired. If there happened to be any problems in the winter months I would struggle to cover the remedial works. How likely is it that I will get consent to let via Dudley Building Society for the period I am overseas?
- I don't currently have consent to let from Dudley Building Society but I would like to apply, I am looking at working away for a couple of years. But want to keep my house for my return - can you assist?
- I am relocating for work for up to a year... I was wondering if I was able to obtain from Dudley Building Society consent to let the property out while abroad as I do not want to leave it empty for that long
- I would like to let my home for two years at most. How do I go about getting consent to let from Dudley Building Society who I have a mortgage with?
- I am currently refinancing and exploring the flexibility of certain lenders when it comes to consent to let. Dudley Building Society is one of the lenders I am considering. How accommodating are they when it comes to 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 Dudley 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could trigger your insurance becoming invalid. 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
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
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.
If you do not keep up the payments on your mortgage with Dudley Building Society your property may be repossessed