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Need professional advice for your consent to let with Holmesdale 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 Holmesdale Building Society consent to lease
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What do I do if my request to obtain consent to let is subsequently refused by Holmesdale Building Society?
- I am currently seeking a mortgage as first time buyer and considering Holmesdale Building Society with my broker. Let's say I choose a five year fixed rate I live at the property and after one year, an opportunity presents itself which involves a relocation effectively moving abroad. If Holmesdale Building Society grants me consent to let,does the interest rate increase?
- I found tenants for my apartment last June and didn't tell Holmesdale Building Society. I have a five year residential mortgage (significant equity in it, no arrears) and want to let Holmesdale Building Society know and get consent to let for the remaining two years of my mortgage . I am unsure what to do.
- We have a residential mortgage with Holmesdale Building Society that we are having problems obtaining consent to let as a result of being in New York and leasing the flat such a long time ago without their consent which we did not know was required. We have a <45% LVR and have been making overpayments of £500pm for three years so we are not in arrears. We are willing to switch onto a buy to let rate with Holmesdale Building Society at an increased rate yet that has not been offered to us.
- My OH and I have already been told to write a letter to Holmesdale Building Society to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- How do I go about getting a consent to let application form from Holmesdale Building Society and how quickly can I get the consent?
- What information should I include in a letter applying for consent to let my property in Redbridge? I would like to send a request to my lender Holmesdale Building Society.
- My wife and I may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Holmesdale Building Society or am I best advised to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Holmesdale 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
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 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 your covenants under the lease. This could potentially result in 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 Holmesdale Building Society your property may be repossessed