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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
- Sutton premises valued at £100k. Remaining mortgage £20k with half a dozen years to run. Get consent to let via Swansea Building Society for current apartment and utilise rent to pay off remaining of the loan. Take out 65 per cent Swansea Building Society mortgage on further premises that becomes my main address? Can this be done?
- I let my apartment last year and didn't tell Swansea Building Society. I have a five year homeowner mortgage (significant equity in it, never defaulted) and want to let Swansea Building Society know and get consent to let for the final two years of my mortgage . Not sure what to do.
- I own a house that's currently under shared ownership (My share is 60per cent) purchased in September 2014. I am currently going through the full purchase of the house. Me and my wife also have in mind a second house that we are looking to buy. Mortgage in principle has been issued by Swansea Building Society. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new house
- My fixed rate mortgage with Swansea Building Society comes to an end on 31st August. I am required to relocate to Paris for my Job in March. I wish to lease out the house temporarily. Can I get a consent to let the property?
- We have already been told to write a letter to Swansea 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?
- So this is the scenario: I am moving to become a non-UK resident. This might be for many years. That being said I will be on a six month trial period .I'm wanting to know the criteria for consent to let from Swansea Building Society and what fees are involved
- I recently purchased a property with 10% deposit for personal uses. A homeloan was taken with Swansea Building Society. But my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Swansea Building Society and put the house up for rent?
- I need to contact Swansea Building Society to enquire about renting out our apartment. 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.
Important warnings to consider in supporting the above Swansea Building Society consent to let Info
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
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 could result in your insurance becoming null and void. 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 provisions in the lease may prevent 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society