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.
Top Five Questions relating to Ecology Building Society consent to lease
- I have just come off the phone to Ecology Building Society who have advised me that it has come to their attention that I have been renting the garden flat even though it is on a normal mortgage. I had to move three years ago for career reasons, was unable to sell and was left with little option but to let out my property. Are you able to advise me on the ramifications may be for me not procuring consent to let?
- I am currently a Ecology Building Society mortgage client seeking consent to let on my current property. We would like to purchase near where we are based with the Army,... but we may have to move.
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house in a few years time. Our house is worth £155,00 and we have about £85k left to pay on the Ecology Building Society mortgage. We would prefer to keep this house as an investment property and rent it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- Is it right that mortgage providers (I have a mortgage with Ecology Building Society) may start taking a more accommodating approach towards consent to let? A mortgage adviser recently told me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I transfer from a owner-occupier to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which is likely why some mortgage companies will allow borrowers obtain consent to let but not transfer to a BTL product. Is he plausible?
- Do I need to wait for consent to let to be issued on my existing domestic mortgage with Ecology Building Society before applying for a resi mortgage on a second property?
- Assuming that I was successful in obtaining consent to let from Ecology Building Society, can I sell during the consent period? Is it possible that I would incur any charges?
- Will I need consent to let from Ecology Building Society if I am intending to reside in the flat myself for three months of the year? Furthermore if I gain consent to let for a period of time, say up to twelve months, what happens after that.
- Would you be able to help me? What do my wife and I need to do to obtain consent to let from Ecology Building Society? And what are the costs involved?
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 Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 conditions are not complied with you may be in violation 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ecology Building Society