Need Help?
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.
Sample questions relating to Swansea Building Society consent to let
- In what situations will consent to let for a property be issued by Swansea Building Society? For what period of time do you have to have had the mortgage before consent to let can be granted by Swansea Building Society? In order to give you some perspective:We were living in a very small apartment which is too small for our family, my husband is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I would be interested in gaining consent to let in the first instance in order to renting the property out to cover the costs of the Swansea Building Society mortgage.
- I am unclear on the services that you provide - I have a home loan with Swansea Building Society and I would like to apply for consent to let - do you assist with the application for this and help answer questions related to it?
- I cannot locate the form to download "consent to let" on the Swansea Building Society website. Could you please email me the URL to do it? Thanks a lot.
- Me and my partner hope to purchase a property together. Intention is for me to get consent to let my flat from Swansea Building Society. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I sought to refinance then?
- I have a residential mortgage with Swansea Building Society, and I would like to lease the flat out, until I decide whether to sell or keep it as an investment. As things stand I am on the fixed rate. Will I need to move onto a new mortgage? I.E. BTL?
- Would a previous extension to a mortgage term with Swansea Building Society be held against us once we applied to Swansea Building Society for consent to let.
- Me and my husband and I would like to obtain consent to let on a house where we have a mortgage with Swansea Building Society. If issued, how long would consent be given for? In asking for consent to let from Swansea Building Society are we running the risk of them forcing us to change deal to buy to let
- I am intending on relocating inside the next 6 months and wish to let my house out. My interest rate is fixed with Swansea Building Society. I am worried a rate hike would be too much if that was linked to getting consent to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Swansea Building Society consent to let information
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
Where 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 inform them may result in your insurance becoming invalid. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society