Need Help?
Need professional advice for your consent to let with Dudley Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Dudley Building Society consent to lease
- What's the difference btw consent to let and buy to let? What is the consent to let rate offered by Dudley Building Society?
- What information do Dudley Building Society need to have to make a decision on consent to let. I am on a five year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to Lewisham owing to surprising growth of family. My financial situation has not deteriorated and in fact my annual income has gone up thirty per cent since I applied for the mortgage out.
- I want to purchase a second house having recently purchased a ground floor flat on normal mortgage. Looking to purchase in a few months time. I have been advised that I may have to get a consent to let from Dudley Building Society, my current mortgage provider? What is the best way to go about this and gain the permission required.
- My girlfriend and I (co-owners) are in the process of transferring our mortgage to Dudley Building Society. I was doing some research concerning consent to let from Dudley Building Society to understand the rules around potentially renting our existing flat out (probably in a in a couple of years time) if we moved away. The property in question was a first-time purchase for us about two years ago. Currently we are living there.
- Dudley Building Society. Will they grant consent to let a property for three years? I plan to return as an owner.
- My two year fixed rate with Dudley Building Society will soon come to an end next month I will go on to the current variable rate. Can you tell me if consent to let by Dudley Building Society is possible, if there are cost, and if there conditions?
- How much is it to get a consent to let from Dudley Building Society on my residential property. Recently I have moved in with my husband and have a friend wanting to let out the property.
- I wish to let out the attic in my apartment in Barnet. Do I need consent to let from my mortgage co Dudley Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Dudley Building Society consent to let information
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
If 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 invalid. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under 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 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 Dudley Building Society your property may be repossessed