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.
Top Five Questions relating to Ecology Building Society consent to lease
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My wife and I may need to let our Merton home for a while due to a career opportunity. This will be short-term but perhaps for five years. Should I tell Ecology Building Society or do I just keep quiet?
- After twenty years in Manchester, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with Ecology Building Society. In the relocation destination, we are be looking at a 3-bed house around the £275k mark. I would preferably like to keep hold of my existing property. Could I ask for Consent to Let from the proposed new mortgage provider Ecology Building Society. If granted what are the likely conditions?
- We currently have a five year fixed rate mortgage with Ecology Building Society that we're approximately one year into. Our situation has now changed and we wish to rent out our flat for a year and move to another town. What can we do to mitigate the possibility of Ecology Building Society rejecting consent to let.
- Me and my partner are soon to purchase a house together. Plan is for me to get consent to let my property from Ecology Building Society. Thinking about the future - when my 2 year fixed period expires - how would it work if I sought to refinance my flat?
- My existing mortgage is with Ecology Building Society, but I will soon to need move out for about a year as we need to be nearer to my partner's mother. Will Ecology Building Society give consent to let?
- My wife and I spoken to someone at Ecology Building Society about switching our current homeloan to consent to let (the existing fixed rate comes to an end in summer 2016). Can I just confirm that I need to formally put the request in writing setting out our change in circumstance to Ecology Building Society? Where do I need to send the letter to?
- I am looking at taking a job overseas and have been advised that I need to let Ecology Building Society know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
- What happens if a borrower has already leased out the property for some years as an HMO and now wish to go legit with Ecology Building Society by obtaining consent to let ? (work on the basis that Ecology Building Society had previously given a homeowner mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Ecology Building Society consent to let Advice
Tax and Legal
There may be various 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
Should the tenure of your property be 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ecology Building Society