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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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My fixed rate mortgage is approaching refinancing with Holmesdale Building Society. I have had the property rented out for a two years and I now realise that I need to come clean toHolmesdale Building Society. I am led to believe that I should seek consent to let, but bearing in mind that the property has previously been let out for a considerable time could they refuse - determine that I go onto a BTL product or even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
- I would like to move and let out my garden flat in Camden. Having bought it in winter 2009 and presently on a 85% ltv there is little equity in it. My mortgage is with Holmesdale Building Society. Do you know where Holmesdale Building Society stand on consent to let?
- In 2003 I was given consent by the local authority and my lender Holmesdale Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from the main house. 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 will be possible?
- Need some information concerning renting a property and consent to let. Later this year I plan to move in with my other half. The local authority would like to rent my flat for 5 years guaranteed with rent and service charges covered. The mortgage is with Holmesdale Building Society. Please advice
- What do the Holmesdale Building Society terms and conditions for consent to let look like?
- I need to send the consent to let application by courier and wanted to know if Holmesdale Building Society have a regular mailing address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- My wife and I have had my mortgage with Holmesdale Building Society since 2004 with no arrear If I sought consent to let would I receive a positive reply?
- Does my loan to value need to be at a certain level to allow me to apply for a consent to let from my mortgage provider Holmesdale Building Society. Does it make a difference that I only recently out the mortgage four months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming null and void. 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 terms are not adhered to you may be in breach of 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Holmesdale Building Society