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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.
Common questions relating to Ecology Building Society consent to lease
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Soon to be packing up as my better half and I plan to return to Floridain Month, possibly temporarily but it could be longer term. I have contacted Ecology Building Society to obtain consent to let out the home in Ecology Building Society. The mortgage has been in place with Ecology Building Society for 5 years and there have been no arrears. Ecology Building Society advise, that even if they do agree, that this will be a temporary arrangement for one year. And then what?
- How likely are Ecology Building Society in giving Consent To Let on a one bed flat? Agents have had it on the market for three months. I need to sell but I'm anxious that if there is no interest I will have to get a tenant in to cover the monthly payments to Ecology Building Society (I do not now live at the address). I would prefer to come clean with Ecology Building Society than not tell them but I'm not sure how understanding they will be.
- How easy is it to convert a standard mortgage with Ecology Building Society to a consent to let. It will be less than 65% ltv and it would change from capital and interest repayment to an interest only loan?
- My plan is to let my three bedroom first floor purpose built maisonette out from mid Nov next year as I will be travelling for a few months. I have a domestic mortgage with Ecology Building Society. I will not be letting for more than six months. Most likely it will be five months. It has been suggested that I seek consent from my freeholder first? Please can you suggest what I should be doing in what order?
- I am interested in finding out more about the Ecology Building Society consent to let process and conditions for granting.
- I recently acquired a two bedroom ground floor purpose built flat in Hillingdon. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Ecology Building Society or do I have to wait six months?
- I was just enquiring how to get consent to let from Ecology Building Society...do I call them or write a letter to them?
- My wife and I have a granny flat attached to our property. Do we need consent to let this from Ecology Building Society? If so, what is the process if I would like to switch the mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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 inform them could trigger 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 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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