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Need professional advice for your consent to let with Holmesdale Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Holmesdale Building Society consent to let: Q and A’s
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Can one refinance on a consent to lease with Holmesdale Building Society?
- I have had consent to let via Holmesdale Building Society for a while now yet they now want to speak to me and I suspect their motivation is to rid themselves of me. Can you help?
- I'm planning to remortgage my maisonette, currently occupied with tenants with consent to let from Holmesdale Building Society, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what my options are. Are you able to offer any advice on a good broker service specialising in BTL?
- How many months after getting a new mortgage will a consent to let be likely to be granted by Holmesdale Building Society? To give some history I purchased my property in Hillingdon 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and now we are looking at moving in together. I am planning to get a better fixed term next July. I assume that I would have to hold off for at least 6 months before I could apply for consent to let. Is that correct?
- I hope to purchase a new house but can't afford to sell my existing flat with a Holmesdale Building Society mortgage. Do you know acceptable terms for Holmesdale Building Society to grant consent to let? Is getting married and having children an acceptable reason to seek consent?
- I have only recently completed my mortgage with Holmesdale Building Society since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be granted consent to let if I were to move in with him
- I am intending on relocating inside the next eight months and wish to lease my property out. My mortgage rate is fixed with Holmesdale Building Society. I am worried a 1% increase would be too much if that was linked to obtaining consent to let
- I need to contact Holmesdale Building Society to enquire about letting out my property. Will they send an application to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Holmesdale Building Society consent to let information
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 Holmesdale 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 standard 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 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
Failure to inform 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 Holmesdale Building Society