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.
Recently asked questions relating to Ecology Building Society consent to lease
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We acquired a house in 2011 for £147,000 with Ecology Building Society. I got married to someone in the RAF so moved in to married quarters in Cyprus and realise that I need to request consent to let from Ecology Building Society. Do you have any experience of consent to let from Ecology Building Society?
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What options are open to me if my request for consent to let is rejected by Ecology Building Society?
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It has been on with agents for two months and I am struggling to sell. This is probably due to an longstanding dispute with the guy next door. I was obliged to mention it on the disclosure form. I am with Ecology Building Society on a standard variable rate. Someone mentioned I should seek consent to let by Ecology Building Society and rent the property to tenants.
- We are currently in NYC and renting out our property in the UK. This was unplanned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we send back funds each month to make up the shortfall. Earlier today our lender got in touch telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Ecology Building Society and get consent to let?
- I have a homeowner mortgage with Ecology Building Society and require consent to let. What are the criteria and requirements that I need to be aware of in order to obtain consent?
- My wife and I have a domestic mortgage with Ecology Building Society and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying We would be interested to know the consequences of making the change and any facts that we need to consider.
- How likely is it that I can keep my current residential mortgage with Ecology Building Society if I start renting out? If the consent to let is given will they tie me into an increased rate?
- Seven weeks ago I completed my homeloan with Ecology Building Society since when my boyfriend has proposed and we are deliberating whether to reside in his house or mine. Would I be issued consent to let if I were to move into his property
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition 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
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 inform them could trigger 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of 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