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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.
Questions and Answers: Holmesdale Building Society consent to let
- I have just come off a call with Holmesdale Building Society and they tell me that they are now aware that I am renting the one bedroom apartment despite having a domestic mortgage. I needed to move a couple of years ago for childcare reasons, couldn't sell and so had little choice to let out the property. Do you know what the implications may be for me not obtaining consent to let?
- As things stand we have a five year fixed rate mortgage with Holmesdale Building Society that we're approximately one year into. Our circumstances have now altered and we wish to let out our property for a year and move to another town. What can we do to minimise the possibility of Holmesdale Building Society refusing to grant consent to let.
- What is the maximum period of time allowable to Holmesdale Building Society that I would be able to let my property before being required to change mortgage or sell my property? In essence, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the security of knowing I still own my own property.
- Twelve years ago I was issued with consent by the local council and my lender Holmesdale Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from my property. My parents passed away some years ago and I would now like to let it out with consent to let from Holmesdale Building Society. Do you think this can be negotiated?
- Situation: I am moving to Spain as part of a promotion. Potentially for a number of years. That being said I will be on a 3 month trial period .I'm wanting to know how to go about getting consent to let from Holmesdale Building Society and any costs to be incurred
- What are the circumstances under which Holmesdale Building Society will refuse a request for consent to let?
- I have a residential mortgage with Holmesdale Building Society, and I would like to lease the flat out, until I decide whether to sell or retain it as an investment. As things stand I am on the fixed rate. Will I need to remortgage? I.E. buy to let?
- Please can you provide me with advice as to how to go about gaining consent to let from Holmesdale Building Society and what, if any, fees I face.
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General Advice to read in further to the above Holmesdale Building Society consent to let Info
Tax and Legal
There may be various 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
One thing to remember when arranging a consent to let mortgage with Holmesdale Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Holmesdale Building Society your property may be repossessed