Need Help?
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.
Sample questions relating to Holmesdale Building Society consent to let
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Do I need consent to let from Holmesdale Building Society or can I rent out my basement flat without telling Holmesdale Building Society and being forced to transfer to a B2L loan?
- My partner and I have a fixed rate mortgage with Holmesdale Building Society. This has been in place for four years. We are intending on letting out our house and renting in a village close to our son's school until a suitable property becomes available to purchase. Do Holmesdale Building Society usually grant consent to let and do they load up the mortgage rate?
- We recently sorted our rates for another fixed period with Holmesdale Building Society. However, I went to an interview and basically I accepted the job offer in Lambeth. I'm going to rent a two bedroom flat for the family in Southwark as we don't wish to sell the house whist there is a chance that we come back before two years.... We really have no idea whether it will work out. We called Holmesdale Building Society but we would like also your point of view please. How is it to obtain consent to let in that case as we just got a fixed 5 years rate we would not want to swap this.
- My property has had a mortgage against it with Holmesdale Building Society from 2000. Fast forward and I have got married and live in my husband’s home. At the moment the property is unoccupied and have a choice to sell or have someone rent. Chances are that this could be a long term proposition as the probability of moving back is low. What should I advise Holmesdale Building Society in order to get consent to let?
- My fiance and I have already let but only just realised Holmesdale Building Society should've been informed and consent to let applied for - can consent be obtained retrospectively?
- I have a residential mortgage with Holmesdale Building Society, and I would like to lease the flat out, until I decide whether to sell or hold on to it as an investment. At the moment I am on the standard variable rate. Will I need to remortgage? I.E. BTL?
- My husband and I would like to obtain consent to let on a house where we have a mortgage with Holmesdale Building Society. If granted, how long would consent be given for? In asking for consent to let from Holmesdale Building Society are we running the risk of them forcing us to change deal to B2L
- I would like to find out more about how to get consent to let on a property. In particular what is the procedure for consent to let if you have a residential mortgage with Holmesdale Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Holmesdale 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
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
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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Holmesdale Building Society