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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.
Frequently asked questions relating to Ipswich Building Society consent to lease
- My flat has a mortgage against it with Ipswich Building Society and I have been letting out my apartment without consent to let, making me in breach of my mortgage contract. They may have suspicions that I am not living there. What negotiating options are available if I don't sell it in time before they become aware I am in contravention of my conditions?
- Am I obliged to notify Ipswich Building Society of my intention to rent a caravan out on my property. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- I took out a normal mortgage with Ipswich Building Society last October and then had to relocate for work, I am now looking to letting my flat out on a short term basis whilst I am away. Am I able to get a consent to let from Ipswich Building Society, and what effect would this have?
- My OH have a fixed rate mortgage with Ipswich Building Society for two years and have been living in the flat for about half a year. Due a job opportunity abroad I need to vacate so I would like to rent the property out. How can I get consent to let from Ipswich Building Society?
- I have to send the consent to let application by courier and wanted to know if Ipswich Building Society have a regular mailing address I can use as couriers ordinarily don’t accept deliveries to PO Box addresses.
- My husband and I were curious as to whether it is possible if you own one property with consent to let from Ipswich Building Society, to purchase a second with a residential mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
- I have a mortgage with Ipswich Building Society taken four months back where I moved from another lender. Am I now able to rent my property with consent to let from Ipswich Building Society as I am looking to purchase a further property.
- Will Ipswich Building Society grant consent to let my home? I currently have a homeowner mortgage, never been in arrears and have been with Ipswich Building Society for a little under three years now. What charges am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Ipswich 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
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
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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 Ipswich Building Society