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.
Frequently asked questions relating to Ecology Building Society consent to lease
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I am in a pickle with a Consent to Let home loan. Having sought consent to let my bank has requested evidence of a signed tenancy agreement prior to issuing consent. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- Hello, I have a mortgage on an apartment with Ecology Building Society and I am pondering on the idea of leasing the property out. Can I do this without transferring my mortgage or receiving consent to let from Ecology Building Society?
- I am currently in the process of emigrating to Germany . As opposed to finding a buyer, I would prefer to let my current property out, just in case things turn sour and I decide to come back in a couple of years. My current mortgage is with Ecology Building Society. Would I be able to refinance with another mortgage provider on a much lower interest rate then apply for Consent to Let once the refinancing has completed?
- I have a owner-occupier mortgage coming up for renewal with Ecology Building Society. I have had the property let out for a few years and I think I should have disclosed this to Ecology Building Society. I am led to believe that it is possible to request consent to lease, but bearing in mind that the property has previously been let out could they deny - insist I swap to a BTL rate and issue a penalty? I have over 50% equity in the house - and the rent will more than cover the monthly loan payments.
- I'm having to move to Australia for eighteen months for my job but I don't want to switch the mortgage to BTL as I want to reoccupy it when I return. Do you know if Ecology Building Society charges additional interest? Is there any way around this?
- At the moment I do not have consent to let from Ecology Building Society but I would like to change to one, I am looking at working away for eighteen months. But want to keep my house for when I come back - are you able to help?
- Last month I completed my mortgage with Ecology Building Society since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be issued consent to let if I decided to move into his property
- Me and my husband and I would like to lease out my home to be nearer to my son’s uni and look after of my father. What do I need for the application of consent to let from Ecology Building Society?
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 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
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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach 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 taking legal action 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