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Need professional advice for your consent to let with Ipswich Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Ipswich Building Society consent to let: Q and A’s
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I was thinking of renting out my flat and generate some income while I am on vacation. It only a short term option for ten days. Is advanced consent to let from Ipswich Building Society required?
- For two years now I have been with Ipswich Building Society and have just renewed a fixed rate. The LTV is about 30%. A situation has arisen whereby we must move into my elderly mother-in-law's house to care for her, it would make sense to let our house out - do I need to seek consent to let from Ipswich Building Society and is it likely to cost much?
- Our current house in Bexley has approximately £120K equity with a mortgage with Ipswich Building Society. It's a nice family house in a popular area and I think it would rent well. We are probably moving for my partner’s work and were considering keeping this house on as an investment property - would we need to change the mortgage to a B2L product or should we request consent to let by Ipswich Building Society?
- I am planning to apply for consent to let from my current mortgage lender Ipswich Building Society. A friend of mine said that she was given ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- I wish to buy a new home but can't afford to sell the existing apartment with a Ipswich Building Society mortgage. Do you know the criteria for Ipswich Building Society to grant consent to let? Is getting married and having children a sufficient reason to seek consent?
- Ipswich Building Society - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- Are you aware of any flexibility in the accepted equity amount before switching from a current Ipswich Building Society mortgage to a consent to let?
- Do you know whether there a time limit on a consent to let from Ipswich Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Ipswich Building Society consent to let information
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming invalid. 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action 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 Ipswich Building Society