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.
Top Five Questions relating to Holmesdale Building Society consent to lease
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I’d appreciate your advice if you have had experience seeking Consent to Leaseforfor less than a year from Holmesdale Building Society or if you have any tops as to how such consent is gained.
- Me and my partner are looking to purchase a maisonette with ten per cent deposit with the intention of living there. However in the next two years the in-laws have plans to move to Spain for a year or two so we plan to move into the in-lawsBexley property to "housesit". If we were to proceed with a residential mortgage with Holmesdale Building Society would there be any difficulties with negotiating consent to let ?
- I have a garden flat in Tower Hamlets which I inherited six years ago and which I have since remortgaged with Holmesdale Building Society on a fixed rate which ends next June. If I want to lease out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other consequences when applying for consent to let?
- My husband and I are soon to send the remaining information to our broker for them to proceed with our mortgage application to purchase our first property together. My husband bought an apartment in 2001 which he jointly owns with his brother. That flat has been tenanted in the absence of consent to let from Holmesdale Building Society. Fast forward to our application - our broker asked for info on the Holmesdale Building Society mortgage. If we come clean about the lack of consent to let from Holmesdale Building Society will it adversely impact the chances of getting a mortgage?
- I'm having to move to Australia for eighteen months for my job but I don't want to switch my mortgage to BTL as the intention is to reoccupy it when I return. Do you know if Holmesdale Building Society charges extra on the interest? Is there any way around this?
- How easy is it to obtain a consent to let from Holmesdale Building Society and what will it cost me? If I want to let out my property for two months how easy is it to fluctuate between a standard mortgage and consent to let?
- I would like some guidance on how best to approach my mortgage company Holmesdale Building Society regarding a 'Consent-to-Let' application. Is this a task you can assist me with ?
- I have a mortgage with Holmesdale Building Society taken five months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Holmesdale Building Society as I am planning to buy another property.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 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 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