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.
Questions and Answers: Dudley Building Society consent to let
- I have a mortgage with Dudley Building Society. I wish to purchase a second property and my financial adviser advised me to apply for a consent to let. As far as I am aware they only grant consent to let if I have the intention to reoccupy my current home. Did I get accurate advice?
- I've been with Dudley Building Society for almost 2 years and have just renewed a fixed rate. The loan to value is about 45%. A situation has arisen whereby we must move into my elderly mother-in-law's house to care for her, it would make sense to lease our house out - do I require consent to let from Dudley Building Society and is it likely to be granted?
- My husband and I are in a tricky mortgage situation currently. We have to lease our house with consent to let and move to a different location due to schooling. We are about to rent a home. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- Need some assistance regarding leasing a property and consent to let. I plan to move in with my partner. The local authority would like to rent my flat for 5 year commitment with rent and service charges covered. The flat was purchased with a mortgage by Dudley Building Society. Please help
- Interested to know if I would be able to get consent to let from Dudley Building Society enabling me to move back to my mother and father for a year or two and save the money to extend the lease on my property?
- I have a mortgage with Dudley Building Society at present and just enquiring about the processes of getting a 'consent to let'
- I am going away for work for as long as a year... I was wondering if I was able to gain from Dudley Building Society consent to let the property out while overseas as I am reluctant to leave it unoccupied for that period
- Soon to remortgage my home but I will potentially moving out in the near future and would be looking to lease it out. What would I need to do to get consent to let from Dudley Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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
Omitting 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
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 restrictions are not strictly observed you may be in breach of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Dudley Building Society