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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.
Swansea Building Society Consent to Lease Example Support Desk Enquires
- If I was to let out my one bedroom apartment with consent to let with Swansea Building Society, what proof would be required of the letting? If after 1 year I decided to let it on a series of short term lets, do I still need to supply proof to Swansea Building Society, or will they be happy as long as i keep up with the payments? E.G. if I sublet the room separately at a later stage, is there any reason for Swansea Building Society to be informed and would they take issue?
- I have just been on the phone to Swansea Building Society and they tell me that they discovered that I am letting out the studio flat despite having a domestic mortgage. I had to move a couple of years ago for work reasons, couldn't sell and was left with little option but to rent out my property. Do you know what the financial repercussions might be for me not seeking consent to let?
- Much to my surprise I have just been presented with a once in a lifetime career opportunity for eight months in New York. I do have sufficient savings to cover the monthly Swansea Building Society mortgage yet the buildings insurance stipulates continuous residency in order to be valid. Last December the roof was damaged but repaired. Should there be any problems in the winter months I would find it hard to afford remedial works. Would I be eligible for consent to let via Swansea Building Society for the period I am abroad?
- Last month I received consent to let on a domestic homeloan with Swansea Building Society with a view to switching to a BTL rate when the fixed term ends within the four months, so I'm uncertain if this adds to the complexity of the issue! Any advice gratefully appreciated.
- Please can you tell me the circumstances under which Swansea Building Society will decline a request for consent to let?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with Swansea Building Society. I have been given licence to sublet my flat from the managing agents and they asked if I have consent to from Swansea Building Society.
- My wife and I have had my home loan with Swansea Building Society for nine years with no arrear If I asked for consent to let would I get a positive reply?
- I am interested in consent to let for my property mortgaged with Swansea Building Society. How do I proceed? Do I have to write to Swansea Building Society and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Swansea Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Swansea Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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
If your property is 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society