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.
Frequently asked questions relating to Holmesdale Building Society consent to lease
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We have a Holmesdale Building Society mortgage and are are up to date with payments, in gainful employment etc. Do you know how much the fees are and if Holmesdale Building Society usually grant consent to let without transferring to a new mortgage product?
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I currently let out my flat in Hillingdon. I didn't request consent to let. I moved to Amersham for work relocation purposes and was unable to cope with the traveling but was nervous that Holmesdale Building Society would charge me an arm and a leg so I decided to take the risk. I'm hoping to legitimise it now... basically carry on letting it but with consent. What course of action do I take now?
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Can one refinance on a consent to let with Holmesdale Building Society?
- Me and my fiance are about to buy a house together. Idea is for me to get consent to let my flat from Holmesdale Building Society. Thinking further ahead - when my two year fixed comes to an end - how would it work if I wanted to remortgage then?
- I would like to understand what are acceptable reasons for leasing a property when it comes to seeking consent to let from Holmesdale Building Society? Are you able to help?
- I am already leasing out my flat but may have sussed what has been going on. I have four months remaining on my fixed rate. How easy is it to get consent to let from Holmesdale Building Society. Is it just a quick phone call, pay the charge and it's done there and then?
- Am I required to obtain consent to let if I let to a family member (in my case my father now lives there and contributes towards the Holmesdale Building Society mortgage)?
- I am currently in the process of applying for a mortgage through Holmesdale Building Society - I foresee that in the coming months I may decide to rent the property out - how would I transfer the 1st time buyer mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Holmesdale Building Society consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Holmesdale Building Society