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Need professional advice for your consent to let with Swansea 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 Swansea Building Society consent to lease
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Can a new mortgage be taken on a consent to let with Swansea Building Society?
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We just received consent to let from Swansea Building Society. After some effort, Swansea Building Society have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- Please can you give me a little info on the consent to let process. I am considering a Swansea Building Society mortgage on a £350,000 property in six months time. The intention is to hold the house as a second home but I need to consider what options are open to me to let the property in the future. If our circumstances were to change the house would either be sold or rented.
- I have been leasing my flat to a tenant for three years but not on a buy to let mortgage because I thought that you only required a BTL if you had more than one mortgage. In trying to acquire a further property, I discovered that I should have had consent to let at the outset from my lender Swansea Building Society. I'm enquiring whether I can now seek consent to let from Swansea Building Society?
- I was just wondering if Swansea Building Society were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am looking for consent to let for my property as I am moving out for four months currently fixed Swansea Building Society mortgage with three years which is up on June next year.
- I would like to know if I have a residential mortgage with Swansea Building Society and decide to let it out, does the rate change and are there any associated charges for applying for consent to let.
- I may potentially need consent to let from Swansea Building Society in the future with work. I am just seeing what the options would be if this was the case. Is there a limit on how long one can let out a property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Swansea 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
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 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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Swansea Building Society your property may be repossessed