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.
Common questions relating to Ecology Building Society consent to lease
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Me and my husband have a Ecology Building Society mortgage and are have made overpayments to bring the loan amount down, both employed etc. Do you know how much the fees are and if Ecology Building Society are likely to give us consent to let without porting the loan to a commercial rate?
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We've been renting my wife's old house out with "consent to let" from Ecology Building Society on a homeowner mortgage for the past 24 months. Ecology Building Society have advised of their intention of withdrawing their consent to let unless we convert to one of their "buy to let" deals.
- Can you confirm whether it is probable that I will procure consent to let with normal mortgage through Ecology Building Society? My wife and I are planning to relocate to Lambeth to be closer to our children’s college, but we are unsure if the relocation will be permanent.
- Are you able to tell me what Ecology Building Society charge for consent to let out a room in my garden flat? Any information would be gratefully received.
- How easy is it to get a consent to let from Ecology Building Society and what does it cost? If I want to let out my property for three months how simple is it to chop and change between a owner occupier mortgage and consent to let?
- Is it possible that Ecology Building Society would have archive records as to whether consent to let was granted for a specific property?
- I want to apply for consent to let from my lender Ecology Building Society to lease out my house. . Can you tell me whether Ecology Building Society give consent to let in these circumstances?
- Do you have the address to which a Consent to Let request to be sent for Ecology Building Society? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Ecology Building Society consent to let Questions and Answers
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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