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.
Common questions relating to Dudley Building Society consent to lease
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Is consent to lease required from Dudley Building Society or can I let my garden flat without telling Dudley Building Society and being forced to switch to a buy-to-let loan?
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My lender has placed me in a pickle with a Consent to Let home loan. Reacting to my requisition for consent to let the bank has requested that I produce a signed Assured Shorthold Tenancy prior to issuing permission. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- My husband and I reside in a marital home where we have a number of vacant rooms. We are looking into the opportunity of establishing an holiday let style operation to let rooms out on a short term basis. Is this is likely to be permitted under Dudley Building Society’s standard 'consent to let' process?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our three bed flat in Wandsworth we currently live in to rent out. Mortgage on the flat is with Dudley Building Society. I wish to avoid putting myself in a situation with two residential properties only to be refused consent to let.
- My current mortgage is with Dudley Building Society, but I am going to need to get consent to let for approximately 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her mother and stepfather and getting their help) in a greener more relaxed area of Liverpool.
- Are you aware of any discretion in the accepted equity ration before transferring from a current Dudley Building Society mortgage to a consent to let?
- I have 5 months to remaining on a two year residential mortgage with Dudley Building Society but now let the property out. is it safe to assume they will simply charge a flat fee for consent to let?
- I am planning on relocating within the next nine months and would like to rent my property out. My current rate is fixed with Dudley Building Society. I am concerned that a rate hike would be too much if that was a condition of receiving consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Dudley 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 could 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
If your property is leasehold, the lease may prohibit 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 breach 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 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