Need Help?
Need professional advice for your consent to let with Ecology Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Ecology Building Society consent to let
- I have a consent to let from my existing lender which is about to come to an end. I have since been traveling and had my first child. My part time salary is not sufficient just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. Due to affordability I don't think the buy to let will be approved. One option I am considering remortgaging to Ecology Building Society. Are they likely to grant consent to let from commencement of the mortgage?
- I have a mortgage with Ecology Building Society. I wanted to buy a further property and my mortgage broker recommended I seek consent to let. As far as I am aware they would only accept the consent to let if I have the intention to go back to my current property. Am I getting the correct information?
- I have been reckless in not informing Ecology Building Society that I’m leasing my maisonette out. The latest tenants have left the place in a state and I need to claim on malicious damage. I’m worried that my insurer will contact Ecology Building Society, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- I have a mortgage with Ecology Building Society however my husband and I will be emigrating to South Africa in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My Ecology Building Society mortgage rate finishes next June can I switch to a interest only with consent to let?
- Do Ecology Building Society give consent to let? I am just considering this in order to move home in the the near future
- I am fixing my residential mortgage with Ecology Building Society but as a result of my job I may have to go abroad for few years. Will Ecology Building Society allow and give consent to let and will any penalties be applied in such a situation
- I was wondering if you are able to help. I require consent to let from Ecology Building Society and would like to know if this option is available to me to switch to as I have to move back home to look after my father
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Ecology 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
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 inform them may result in your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Ecology Building Society