Need Help?
Need professional advice for your consent to let with Ipswich Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Ipswich Building Society consent to lease
- Your view would be appreciated as to whether consent to let from Ipswich Building Society is the right strategy for me. I acquired my house nine months ago by porting a Ipswich Building Society mortgage product. My fixed rate ran out two months ago I'm probably going to be moving in with a new partner. I don't want to sell my house yet as I'm unsure of whether the new move will prove successful. Would it be likely that Ipswich Building Society would grant a consent to let based on me letting out my property on a an AST for 1-2 years and then I either commit to a buy to let product or sell it?
- How long do I need to have a further advance from Ipswich Building Society before I can get consent to let. Can I call a member of your team to explore my options please?
- I applied for consent but I did not get it as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Ipswich Building Society but will they give me consent straight away?
- Resulting from a change in personal circumstances my wife and I are moving to my mum and dad’s house while they are away and letting our flat out. We are going to need for consent to let from Ipswich Building Society. Will this be forthcoming? We will need to remortgage in the next year will we then switch to a BTL mortgage. We will 100% return to our home at within the next nine months?
- Were we to ask for a consent to let letter from Ipswich Building Society will we be forced to switch to buy to let mortgage? Our mortgage is with Ipswich Building Society and as properties are not selling at the mo and we have seen one we like we were leasing our home out in order to buy the new and dispose of this one when the market improves.
- Circumstances: I am moving abroad. Potentially for many years. Nevertheless I will be on a 3 month trial period .I would like to know the criteria for consent to let from Ipswich Building Society and what charges are involved
- I am interested in some guidance on how best to approach my mortgage provider Ipswich Building Society regarding a 'Consent-to-Let' application. Is this a task you can help with ?
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some borrowers to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Ipswich 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
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 could 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
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 terms are not adhered to you may be in breach 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Ipswich Building Society