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.
Examples of recent questions relating to Ecology Building Society consent to let
- I need to move my son’s school by mid-August and move to a different area. I don't have time to sell my house.The only way I can see of doing it is to lease my house out. Currently I have standard occupiers insurance. Am I obliged to take out a different insurance? What should request from Ecology Building Society regards to consent to let?
- My gf and I might have to lease out her flat, and I have a question concerning obtaining permission to do so. I know I need to notify Ecology Building Society and get a consent to let or move across to a buy to let mortgage. But the property is leasehold, so do we need consent to let from the freehold company?
- My mortgage is with Ecology Building Society and wonder if I am obliged to notify them if we no longer reside in my house. I fear that they may bump up the interest rate if we move and find a tenant but it's far from apparent what the increase would be. Should I decide to let my property out and seek consent to let how would the payments go up?
- We are planning on acquiring a house, renting a couple of the rooms out to help cover the loan with Ecology Building Society, and then moving on in two or three years - when the property would be entirely rented. How likely is it that Ecology Building Society would look at this unfavourably as I will have been given a normal homeloan as opposed to a B2L or consent to let? I've read that the worst possible outcome is that they can repossess the property, is this correct?
- Were we to request a consent to let letter from Ecology Building Society will we be forced to change to buy to let mortgage? We are with Ecology Building Society and as properties are not selling at the mo but we have seen one we like we were leasing our home out in order to buy the new and sell this one when the value improves.
- This is not a question specific to Ecology Building Society but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I am interested in further information regarding consent to let mortgages, potentially transferring our existing mortgage with Ecology Building Society over to a consent to let one.
- I hope you can help What do my wife and I need to do to get consent to let from Ecology Building Society? And what are the charges?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to 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
One thing to remember when arranging a consent to let mortgage with Ecology Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Ecology Building Society