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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
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Are any options available to me if my request for consent to lease is subsequently refused by Holmesdale Building Society?
- I want to let my current house as I wish to purchase a larger house for the family. I have a fixed rate mortgage with Holmesdale Building Society. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with a different lender? What implications does that have apart from the higher rates - would I need a greater equity ratio in the property too ie lower loan to value?
- My wife and I bought a house in 2006 on shared ownership basis, I own half via mortgage and rent the remaining percentage. Three years ago I purchased a new property. I rented out my first house and moved to my new home. I got consent to let from my lender and I was under the assumption I had consent to let from the housing association. Last week I was contacted by the housing association advising they had nothing on record indicating I had procured consent to sublet. What do I do now?
- I was just looking for guidance on whether I will be allowed to convert a residential mortgage with Holmesdale Building Society to a consent to let. It will be less than 65% ltv and it would alter from capital and interest repayment to an interest only loan?
- Afternoon? I am just wondering if Holmesdale Building Society offer consent to let as an option should I decided to lease out my property under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- I am trying to find out if it is possible to get a consent to let mortgage with Holmesdale Building Society rather than a buy to let mortgage
- I am looking at some alternative lifestyle. I have a Holmesdale Building Society mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Holmesdale Building Society to do this ?
- Will I need consent to let from Holmesdale Building Society if I am intending to reside in the flat myself for three months of the year? Also if I obtain consent to let for a period of time, say up to twelve months, what happens thereafter.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Holmesdale 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
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
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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