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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.
Recently asked questions relating to Holmesdale Building Society consent to lease
- I am purchasing a maisonette in Havering. I am only looking to live there for a year, and subsequently move into a bigger flat. Rather than sell the prior home my preference would be to rent it out so that it form part of my investment portfolio. Do you know if Holmesdale Building Society would issue consent to let after half a year?
- I have been reckless in failing to notify Holmesdale Building Society that I’m renting my three bed flat out. The latest tenants have left the place in a state and I need to claim on malicious damage. I’m worried that my insurer will contact Holmesdale Building Society, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- I have just been presented with a once in a lifetime career opportunity for eight months in Denmark. I do have sufficient savings to meet the monthly Holmesdale Building Society mortgage however the block insurance requires continuous residency in order not to be invalidated. Last December the roof was damaged but repaired. Should there be any problems in the winter months I would struggle to cover the repair costs. Will I qualify for consent to let from Holmesdale Building Society for the time I am overseas?
- Need some information about leasing a property and consent to let. I want to move in with my fiance. The local authority would like to rent my flat for 5 years guaranteed with rent and service charges covered. The flat was purchased with a mortgage by Holmesdale Building Society. Please help
- I want to take in in a lodger for my three bed flat in Newham which I live in. My mortgage is with Holmesdale Building Society. Will they grant consent to let?
- I am after further information concerning consent to let home loans, potentially transferring our existing mortgage with Holmesdale Building Society over to a consent to let one.
- I have a normal mortgage with Holmesdale Building Society which is only eight weeks long but I have been moved abroad with work. How easy is it to obtain consent to let from Holmesdale Building Society for a mortgage that has only recently started and I have just bought the property?
- I am fixing my homeowner mortgage with Holmesdale Building Society but as a result of my job I may have to go abroad for a couple of years. Will Holmesdale Building Society allow and grant consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition 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
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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