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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
- I have recently sought consent to let from Ecology Building Society, but it would be useful to know if they have any requirements on the level of rental income?
- me and my wife have just sorted our rates for another fixed five years with Ecology Building Society. However, I went to an interview and basically I accepted the job offer in Harrow. I'm going to rent a one bed flat for me and my family in Havering as we don't want to sell the house whist there is a possibility that we come back within a couple of years.... We really don't know how things will go. We have contacted Ecology Building Society but we would like also your point of view please. Is it possible to get consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- My lawyers have served eviction orders on a tenant who had not paid rent. A Section 21 and section 8 have been served. The tenant's defense for non payment is based on the claim that I I failed to obtain consent to let my garden flat from my provider Ecology Building Society
- I sought consent but was turned down as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. As a backup plan I can remortgage with Ecology Building Society but will they give me consent straight away?
- When it comes to consent to let from Ecology Building Society am I supposed to inform them each time we get a new tenant and send them a copy of the tenancy?
- Interested to know if I would be able to get consent to let from Ecology Building Society in order to move back to my mother and father for a year or two and conserve some cash on the lease extension for my flat?
- We would like to obtain consent to let on a house where we have a mortgage with Ecology Building Society. If issued, how long would consent be given for? In seeking consent to let from Ecology Building Society are we running the risk of them forcing us to change deal to BTL
- We need to contact Ecology Building Society to enquire about letting out our flat. Will they post a document to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings 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
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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 Ecology Building Society your property may be repossessed