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.
Recently asked questions relating to Ecology Building Society consent to lease
- Eighteen months ago we purchased our council home, in London,recently valued at £200k. It was paid for in full from our own finances, mortgage fee. We can't sell (without penalty of losing some of our discount) before five years have passed. Regardless, we wish to retain it as a investment property to rent out. We are considering taking out a mortgage with Ecology Building Society. If Ecology Building Society refuse are there lenders that might be amenable and grant consent to let?
- I had a chat with a mortgage broker friend last week. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my mortgage provider (Ecology Building Society) until at least four weeks before I plan to lease out my property. Does that mean I have to find a tenant first and then obtain a consent to let?
- In the coming months I plan to move house and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer thus being chain free and then lease my property out when I move. Will my lender Ecology Building Society grant consent to let for a year if they know I am wanting to buy somewhere else or only where one is moving temporarily with work?
- My husband and I are in a tricky mortgage situation currently. We have to rent our house with consent to let and move to a new to be nearer to my parents. We now 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?
- What is the process for getting a consent to let application form from Ecology Building Society and how quickly can I get the consent?
- What, if any, income requirements do Ecology Building Society set for consent to let on an existing domestic mortgage?
- I was wondering if you are able to help. I do not have consent to let from Ecology Building Society and would like to know if this option would be possible for me to switch to as I must move back home to take care of my father
- My partner and I am looking into the option of renting out my home with consent to let from Ecology Building Society whist away travelling for a few months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Ecology 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 inform them could result in 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
If your property is 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Ecology Building Society your property may be repossessed