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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 Lease Example Support Desk Enquires
- Contracts were exchanged last month with a developer for a property in which I was going to live in, but my manager has offered me a posting overseas for three years, can I let the new property with consent to let from Ipswich Building Society.
- I have a house in Hackney but I am moving with my girlfriend to a different town for work purposes and moreover close to her university. I would like to retain the house but it is unlikely that I can afford a buy to let mortgage. It will only be short term -two years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Ipswich Building Society. Do you think they will grant consent to let?
- My fixed deal expires late 2017 and I'm planning on fixing for a further three years with Ipswich Building Society, with any luck rates will still be low. In two years time I may want to move for a couple of years to a different county. How problematic is it to get consent to let from Ipswich Building Society under this situation? I would be coming back after two years to reside in my property.
- I am currently a Ipswich Building Society mortgage client looking for consent to let on my current property. We would like to purchase near where we are based with the Royal Marines,... but we may have to move.
- I have a consent to let letter that I have obtained from my management company. I presume I need to send this with a letter to Ipswich Building Society with a view to seeking consent to let from them. What address shall I mail it to?
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Haringey. How likely are we to be given consent to let by Ipswich Building Society without being forced into a new rate.
- Last month I completed my homeloan with Ipswich 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 decided to move in with him
- I need to contact Ipswich Building Society to enquire about letting out our property. Do they post 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.
Caveats to be read in further to the above Ipswich Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Ipswich 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
If your property is leasehold, the lease may prohibit 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 violation of the lease. This could trigger 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.
If you do not keep up the payments on your mortgage with Ipswich Building Society your property may be repossessed