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 am looking to move and let out my garden flat in Bromley. Having bought it in spring 2009 and currently on a high ltv there is little equity in it. My mortgage is with Ecology Building Society. Do you know where Ecology Building Society stand when it comes to consent to let?
- I have recently been provided with a work opportunity overseas and wondering if it's worth leasing my property out. Will Ecology Building Society permit me to change mortgage or give me consent to let? If not I will have to consider if I should accept the promotion. I wouldn't mind paying more as it is likely that I will return and move into my home after 1 to 3 years. I'm not doing it to profit. Just really like my house and want to return to it at some point in the future.
- Is it possible to switch a residential mortgage with Ecology Building Society to a consent to let. It will be less than 70% ltv and it would change from repayment to interest only?
- Me and my partner are soon to buy a place together. Intention is for me to get consent to let my property from Ecology Building Society. Thinking further ahead - when my two year fixed period expires - how would it work if I sought to refinance my flat?
- We have a letter to Ecology Building Society requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- Would I be able to remortgage to Ecology Building Society from my existing lender, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- I currently have a residential mortgage with Ecology Building Society and plan on letting due to work being based in London. In asking for consent to let from Ecology Building Society do I run the risk of them forcing me to change deal to buy to let
- I was just wondering how to obtain consent to let from Ecology Building Society...do I call them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
Where 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 notify 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 conditions are not complied with you may be in violation of the lease. This could trigger 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 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