Need Help?
Need professional advice for your consent to let with Ecology Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Ecology Building Society consent to let
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Can Ecology Building Society invoke a right to change the rates on a homeowner mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
- I'm just looking here for a a colleague as he’s at work who has a mortgage with Ecology Building Society. He asked me to find out if there is a charge for granting consent to let? He has been offered a job 120 miles away and wishes to rent out his house in the interim.
- We are looking to apply to Ecology Building Society for consent to let on my existing residential property in Ealing. I am looking to release equity from my existing property ahead of this, and making use of that money to purchase a new residential property. I will stay in that house whilst renovating it for six months at which point I plan to sell it then move back to my current house. Is this something Ecology Building Society will consider consent to let for or is that out of their criteria?
- Presently my mortgage provider is Ecology Building Society. Can you point me to where I can download the consent to let submission forms from, as we have commenced renting out the flat?
- I have a mortgage with Ecology Building Society on a three year fixed rate. I could have an opportunity for a teaching job abroad next summer. Would I qualify for consent to let from Ecology Building Society were I to accept this opportunity abroad?
- Will Ecology Building Society choose to exercise a right to change the rates on a residential mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one refinance on a consent to let with Ecology Building Society?
- We need to contact Ecology Building Society to enquire about renting out my flat. Do they send a document to me. Is there a form I can download?
- My husband and I am looking into the option of letting out my property with consent to let from Ecology Building Society whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Ecology Building Society consent to let information
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 Ecology 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
If your property is 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 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Ecology Building Society your property may be repossessed