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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.
Top Five Questions relating to Holmesdale Building Society consent to lease
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Will Holmesdale Building Society choose to operate a right to increase interest rates on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL products'?
- What is the process for obtaining consent to let from Holmesdale Building Society? What documents do they need? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than lease out the property?
- Having spent 17 years in London, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to remortgage with Holmesdale Building Society. In the relocation destination, we are be looking at a 4 bedroom property around the £275k mark. Ideally, we would like to keep hold of my existing apartment. Could I ask for Consent to Let from the proposed new mortgage provider Holmesdale Building Society. If granted what are the likely requirements?
- I have a studio flat in Brent which I inherited in 2007 and which I have since remortgaged with Holmesdale Building Society on a fixed rate which ends next April. If I want to let out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when applying for consent to let?
- I'd like to know if Holmesdale Building Society are likely to give consent to us letting out our flat in Merton
- How simple is it to obtain a consent to let from Holmesdale Building Society and what does it cost? If I want to let out my property for two months how simple is it to fluctuate between a normal mortgage and consent to let?
- I have spoken to someone at Holmesdale Building Society about switching our existing homeloan to consent to let (the current fixed rate comes to an end in september 2016). Can I just confirm that I need to send a letter setting out our change in circumstance to Holmesdale Building Society? Where do I need to send the letter to?
- I took a standard mortgage with Holmesdale Building Society. I acquired the property in December two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Holmesdale Building Society consent to let Info
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
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
If your property is leasehold, the provisions in the lease may prevent 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 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 Holmesdale Building Society