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.
Top Five Questions relating to Swansea Building Society consent to lease
- I currently have a mortgage with Swansea Building Society and I am planning buying a property with my soon to be wife. It's her council property on a right to buy scheme. Will I be able to switch my Swansea Building Society mortgage to rent out my existing property in Hackney even though the property is currently in negative equity.
- I'm just looking here for a a friend as he’s at work who has a mortgage with Swansea Building Society. He asked me to find out if there is a charge for granting consent to let? He has been offered a job 95 miles away and wishes to rent out his place in the interim.
- After ten years in Manchester, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Swansea Building Society. In Bexley, we are be looking at a 3-bed house around the £275k mark. Ideally, we would like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new lender Swansea Building Society. If granted what are the likely requirements?
- Me and my brother jointly own a property in Haringey with a Swansea Building Society mortgage. I want to move on and buy a house with my fiancee. How would I deal with finding a tenant for my room? Would I need consent to let by Swansea Building Society. My brother will stay in the property
- How easy is it to obtain a consent to let from Swansea Building Society and what are the fees? If I want to let out my property for a couple of months how easy is it to fluctuate between a standard mortgage and consent to let?
- Can you explain the process for being given consent to let from Swansea Building Society? Is there certain requirements for instance you have to live in the property for over 9 or 12 months before its granted?
- What, if any, income requirements do Swansea Building Society set for consent to let on an existing domestic mortgage?
- Do you know if there is normally a maximum loan to value amount before Swansea Building Society will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Swansea Building Society consent to let Advice
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
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
If your property is leasehold, the lease may prohibit 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 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 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