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.
Recently asked questions relating to Holmesdale Building Society consent to lease
- If I were to let out my 2 bed flat with consent to let with Holmesdale Building Society, what evidence would be required of the letting? If after twelve months I decided to let it on a series of short term rental, do I still need to provide evidence to Holmesdale Building Society, or will they leave me alone provided they receive payment each month? For instance if I rent the rooms out individually at a later stage, is there any reason for Holmesdale Building Society to know and would they take issue?
- I have recently rented out my garden flat having secured Consent to Let with my MP. Six months have now gone by and they have upped my mortgage rate as previously advised. I am unable to swap to a more favourable product with them, as they will revoke my consent to let. If I was to go with an alternative provider for example Holmesdale Building Society, would I be required to take out a B2L mortgage or could I just remortgage and obtain consent to let?
- I have just been presented with a once in a lifetime job opportunity for 6 months overseas. I do have sufficient money to meet the monthly Holmesdale Building Society mortgage yet the block insurance stipulates continuous residency in order to remain valid. Last winter the roof had some leaks that were repaired. Should there be any problems in the winter months I would find it hard to afford remedial works. Will I qualify for consent to let by Holmesdale Building Society for a limited period?
- I previously took a mortgage with Holmesdale Building Society and the LTV is presently 60% with the Holmesdale Building Society current book value and I'm looking to buy another property but do not want to sell my existing property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Mortgage Express on another property. Does the expected rental income on a consent to let with Holmesdale Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- Will Holmesdale Building Society want to know why I am seeking consent to let? Is it wise to inform them of my possible move abroad?
- Evening? I am just wondering whether Holmesdale Building Society offer consent to let as an option if I decided to let out my property under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- I am interested in further information concerning consent to let mortgages, potentially switching our current mortgage with Holmesdale Building Society across to a consent to let one.
- Ten months into homeloan with Holmesdale Building Society due to work reasons need to relocate. Is it possible to get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Holmesdale Building Society consent to let Advice
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 result in 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
Should the tenure of your property be 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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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