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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We bought a garden apartment in 2012 for 230,00 with Ecology Building Society. My husband’s job requires him to relocate to Cyprus and appreciate that I have to request consent to let from Ecology Building Society. Will they give permission?
- I will soon be relocating to Hong Kong. As opposed to sell my house, I would like to rent it out, just in case things don’t pan out. My existing mortgage is with Ecology Building Society. If I applied for a refinance would a new provider view this as me trying to avoid a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence turn down my request for Consent to Let?
- I have an existing mortgage with Ecology Building Society. Can you point me to where I can download the consent to let application forms from, as we are already leasing out the property?
- My OH and I are planning to make use of equity in my existing house to buy an additional property which I propose to live in whilst I renovate it. My preference is to rent my existing property with the Ecology Building Society homeloan. I was just looking for a general view on whether Ecology Building Society currently allows consent to let? House is valued at £450 k with a £200k mortgage in place.
- What do the Ecology Building Society terms and conditions for consent to lease look like?
- My wife and I are endeavouring to figure out which mortgage providers are best for allowing consent-to-let without raising rates, and hopefully allowing more than 2 years where required. Is that something you can help with? We are particularly interested in Ecology Building Society
- I am hoping to fix my homeowner mortgage with Ecology Building Society but due to work related issues I may have to go abroad for few years. Will Ecology Building Society allow and give consent to let and will any penalties be applied in such circumstances
- Can you tell me how much the fees are and if Ecology Building Society usually give consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition 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
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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ecology Building Society