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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.
Questions and Answers: Ipswich Building Society consent to let
- I have a mortgage with Ipswich Building Society. I would like to buy a further property and my financial adviser advised me to seek consent to let. I had formerly led to believe they only accept the consent to let where it is my intention to reoccupy my current home. Is this correct?
- My fiancee and I are FTBs, presently renting. We would ideally like to buy a garden flat in Camden. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we have to get a B2L loan? Could we have a 1st time buyer mortgage with Ipswich Building Society, even though we won't be moving in straight away? Alternatively could we reside there for a couple of months, then start renting it with consent to let from Ipswich Building Society? I'm only willing to consider scenarios that are entirely legal, and wouldn't breach the provisions of the mortgage with Ipswich Building Society.
- I am an existing Ipswich Building Society mortgage borrower looking for consent to let on my current property. We would like to buy in close proximity to where we are based with the Royal Marines,... but we might have to relocate.
- My wife and I have decided to lease our studio flat out. We have made an offer on another property for us to buy and have a tenant to move into ours. I assume I have to ask our mortgage company Ipswich Building Society for consent to let. I wonder if there is a standard consent to let request letter I can copy?
- I would like consent to let on my Waltham Forest apartment from Ipswich Building Society. I will be going abroad for a period of time so wish to know if I am able to let my flat
- I have a mortgage with Ipswich Building Society and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. What are my consent to let options currently?
- I am a Ipswich Building Society borrower. I would like to apply for consent to let my home. I have been waiting for Ipswich Building Society to get back to me. Could you please check and help?
- I took a homeowner mortgage with Ipswich Building Society. I acquired the property in July two years ago. What are the options and criteria for consent to let.
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Information to consider in further to the above Ipswich Building Society consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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