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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.
Holmesdale Building Society consent to let: Q and A’s
- My property recently got consent to let on a domestic homeloan with Holmesdale Building Society with the intention of switching to a B2L rate when the fixed term ends within the next months, so I'm uncertain if this complications to the issue! Any guidance much appreciated.
- If a property owner chooses to rent out their property in the absence of consent to let from Holmesdale Building Society - what, if any implication might there be for an agent acting for the landlord?
- My fiance and I might have to lease out her flat, and I have a query regarding getting consent to do so. I know I need to notify Holmesdale Building Society and get a consent to let or move to a BTL product. But the property is leasehold, so do we have to get consent to let from the residents association?
- Me and my husband are soon to send the remaining details to our broker for them to move forward with our mortgage application to purchase our first home together. My husband has another flat in 1999 which he co-owns with his brother. That flat was and continues to be tenanted without any consent to let from Holmesdale Building Society. Fast forward to our application - our broker is seeking info on the Holmesdale Building Society mortgage. If we come clean about the lack of consent to let by Holmesdale Building Society will it materially impact the chances of getting a mortgage?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Holmesdale Building Society
- What are the circumstances under which Holmesdale Building Society will turn down a request for consent to let?
- My Holmesdale Building Society mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I may be looking to rent out my property and wondered what I would need to do to negotiate consent to let by Holmesdale Building Society. There is a possibility that I might be emigrating permanently.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
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 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