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
- Please can you providing me some more detail on what the procedure is for applying for content to let, what do I need to do. I am thinking about taking a Swansea Building Society mortgage on a £140,000 property later this year. The aim would be to hold the house as a second home but I would like to know what options are available to me to let the property in the future. If our situation was to change the property would either be sold or rented.
- Can you please tell me what Swansea Building Society charge for consent to let out a room in my ground floor flat? Any insights would be appreciated.
- Is it permissible to rent out our property in the absence of consent to let from our mortgage provider? I am aware that at the time we signed a declaration stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other premises at the time, but what about property thereafter? Can you purchase a further property, or inherit a property?
- We are looking to apply to Swansea Building Society for consent to let on our current residential property in Bromley. I am hoping to draw down equity from my existing home before doing so, and using that money to purchase a new residential property. I will stay in that property whilst renovating it for six months at which point the intention is to sell it then move back to my existing property. Is this something Swansea Building Society will consider consent to let for or is that out of their criteria?
- Will Swansea Building Society want to know my reasons for applying for consent to let? Should I inform them of my potential relocation abroad?
- If I let my property with consent to let from Swansea Building Society will will theyload the interest rate? I am presently on a fixed rate for three years.
- I have a mortgage with Swansea Building Society on a 2 year fixed term contract. I may have chance of a teaching post abroad next summer. Am I eligible for consent to let from Swansea Building Society were I to accept this opportunity abroad?
- I want to get consent to let from Swansea Building Society for a few years at which point I hope to move onto a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Swansea 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
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 may trigger 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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Swansea Building Society your property may be repossessed