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.
Common questions relating to Swansea Building Society consent to lease
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Do I need consent to let from Swansea Building Society or can I let my property without telling Swansea Building Society and having to transfer to a B2L mortgage?
- I have had a current mortgage with Swansea Building Society for almost twenty four months and the fixed rate is due to be renegotiated. We are looking at releasing equity out of our current property to allow us to acquire a bigger house and then let out the current garden flat. We were originally informed that we ought to get a new residential mortgage allowing for consent to let - can you clarify what is involved?
- Me and my brother jointly own a property in Harrow with a Swansea Building Society mortgage. I am looking to move on and purchase a house with my fiancee. How do I deal with finding a tenant for my room? Do I need consent to let via Swansea Building Society. My brother will remain in the flat
- We intend to lease our studio flat out. We have put an offer on a further property for us to buy and a tenant at the ready to move into ours. I believe I have to ask our mortgage provider Swansea Building Society for consent to let. Is there a template consent to let request letter I can copy?
- My OH and Iwant to let our home and purchase another. Can Swansea Building Society refuse to grant me consent to let?
- My circumstances have changed, and I would like to let my place out - meaning consent to let- I have about £200K loan with Swansea Building Society and currently 85k equity I need to avoid the early repayment fees.
- Will Swansea Building Society choose to operate a right to switch the rates on a residential mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Can one remortgage on a consent to let with Swansea Building Society?
- Please can you inform me how much the fees are and if Swansea Building Society usually issue consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Swansea Building Society consent to let Questions and Answers
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
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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society