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
- We are in possession of a mortgage offer from Holmesdale Building Society, but we are running up against a serious block. My husband works in a boarding school, and as such we are provided with accommodation as part of his employment. We wanted to purchase a garden flat with a view to joining the property ladder, and rent it out while we're based at the school. I had thought Holmesdale Building Society would be willing to give consent to let from day one of the mortgage. It appears that we may not be able to get consent to let. Can you give me any ideas what we can do?
- I have a mortgage with Holmesdale Building Society however my husband and I will be moving to Cape Town in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- My cousin and his partner currently lodge with me at my apartment. After Christmas I would like to move out of the flat and in with my GF. How likely is it that I will be able to get consent to let from Holmesdale Building Society after only having the mortgage for less than half a year?
- I own a home that's currently under shared ownership (My share is 60%) and I bought it in September 2013. I plan to go through the full purchase of the house. Me and my wife have also got a further house that we are looking to purchase. Mortgage in principle has been approved by Holmesdale Building Society. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new property
- I am looking at moving abroad for work and would like consent to let from Holmesdale Building Society whilst I am away. Is the way forward to complete the consent to let form and send it off in the post to Holmesdale Building Society? Letting the property isn't to make money but to keep the property in case things don't turn out as well as we hope
- I am looking to Holmesdale Building Society to issue me with consent to let out my basement flat in Lambeth. I am moving to Dubai for 8 months for work.
- I have a mortgage with Holmesdale Building Society at present and just wondering whether Holmesdale Building Society currently allows consent to let
- What is the process for securing consent to let by Holmesdale Building Society? Is there specific policies for instance you have to live in the property for over 9 or 12 months before its issued?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Holmesdale Building Society consent to let Advice
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 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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