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.
Questions and Answers: Ecology Building Society consent to let
- I need to switch my homeowner mortgage with Ecology Building Society to a consent to let and looking for some help... I purchased my first home in Hendon in 2009. After a career opportunity I moved to Edinburgh, and four months ago got a residential joint-mortgage with my partner. I am inclined to stay with Ecology Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Ecology Building Society refuse what lenders can I approach.
- My partner and I are FTBs, presently renting. We want to purchase a one bedroom apartment in Wandsworth. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to get a buy-to-let loan? Could we have a normal mortgage with Ecology Building Society, even though we won't be moving in straight away? Or could we live there for a couple of months, then start renting it with consent to let from Ecology Building Society? I'm only interested in scenarios that are completely legitimate, and have no intention of contravening the terms of the mortgage with Ecology Building Society.
- My twin and his girlfriend currently lodge with me at my flat. Next Summer I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from Ecology Building Society after only having the mortgage for six months?
- We are currently in Melbourne and letting out our apartment in the UK. This was unplanned but an opportunity presented itself and we took it. The rental income is insufficient to cover the mortgage so we transfer funds each month to cover the shortfall. Earlier today I got a letter in the post from our lender telling me that as the property is being let out and has been for nearly two years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will be difficult as I am so far away. Would it be possible to remortgage with Ecology Building Society and get consent to let?
- I am looking to Ecology Building Society to issue me with consent to let out my home in Sutton. I am moving to look after my step-mum who has severe complex heart failure
- We have a mortgage with Ecology Building Society at the moment and just enquiring if there any fees for obtaining consent to let
- Please can you inform me how much the fees are and if Ecology Building Society ordinarily issue consent to let without transferring to a commercial rate?
- I wish to get consent to let from Ecology Building Society for two years until I can move onto a B2L. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Ecology 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
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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Ecology Building Society your property may be repossessed