Need Help?
Need professional advice for your consent to let with Suffolk Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Suffolk Building Society consent to let: Q and A’s
- I am thinking of applying for consent to let from Suffolk Building Society as my personal circumstances have changed. My stepdaughter was starting university and I concluded that we would move nearby and decided to purchase a property as opposed to spend the money on renting. Since buying the house there has been breakdown in my relationship with my my step daughter and she won't live in it. Since the whole idea was for her and the house location is not particularly ideal for my work I would like to leave and rent out the house
- My solicitors have served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been served. The tenant's defense for refusal to pay is built on the claim that I I failed to obtain consent to let my one bedroom second floor purpose built maisonette from my provider Suffolk Building Society
- How long must you be the registered owner of a property before one is eligible for consent to let ,the lender is Suffolk Building Society? On the basis that it is given, can it be retracted months later?
- I intend to lease our existing flat out shortly after we move. I will apply for consent to let from Suffolk Building Society. As of now the flat is in my name but I am a top rate tax payer. Do I need to do a equity transfer to her or should we do a Declaration of Trust?
- My husband and I have already been told to write a letter to Suffolk Building Society to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- We have a letter to Suffolk Building Society requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- I was just looking into consent to let as it's something potentially I would need from Suffolk Building Society inside the next 12 months. Our family circumstances has changed, and I wish to rent my property out
- I was wondering if you can assist. I require consent to let from Suffolk Building Society and was wondering if this option would be possible for me to switch to as I must move back home to look after my mum
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Suffolk Building Society consent to let Advice
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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Suffolk Building Society your property may be repossessed