Need Help?
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.
Examples of recent questions relating to Holmesdale Building Society consent to let
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In a worst case scenario what action Holmesdale Building Society can take if I have rented my property if consent to let is not first obtained?
- What information do Holmesdale Building Society need to to decide whether to grant consent to let. I have a 5 year fix with them. I have always been on time with my monthly payments. I am looking at moving to the countryside owing to surprising growth of family. I will be sticking with my current job and my salary has gone up 15% since the mortgage started.
- I have a Holmesdale Building Society mortgage with my twin and am looking to vacate and get a new mortgage with my partner. How would I go about taking in a lodger? Do I need consent to let from Holmesdale Building Society? My twin will stay in the apartment
- I'm six months into a two year fixed mortgage with Holmesdale Building Society. The LTV is just 50%. I've got what I think is a really good deal on a maisonette in Bromley which I don't want to miss. It seems the only way to purchase the other property is to take out some good chunk of equity. I'm thinking of letting the current property which would more than cover the homeloan with Holmesdale Building Society. Can I get a consent to let from Holmesdale Building Society and and then seek an equity release after it's rented?
- I would like to let out a room in my flat in Bexley. Do I need consent to let from my mortgage provider Holmesdale Building Society?
- Will Holmesdale Building Society choose to operate a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one refinance on a consent to let with Holmesdale Building Society?
- I have a domestic homeloan with Holmesdale Building Society. I purchased the property in March two years ago. How difficult will it be to get consent to let.
- What are the implication if a borrower has already leased out the property for some years as an HMO and now want to go legit with Holmesdale Building Society by getting consent to let ? (work on the basis that Holmesdale Building Society had previously granted a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Holmesdale Building Society consent to let Questions and Answers
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 standard 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 provisions in the lease may prevent 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 Holmesdale Building Society your property may be repossessed