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.
Common questions relating to Ipswich Building Society consent to lease
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I have been asked by my proposed tenants for a duplicate of my ‘consent to let’ from Ipswich Building Society, my bank. Is this normal?
- A year ago my mortgage company (not Ipswich Building Society) granted me with consent to let. This was subject to a provision that every half year they would levy a fee of half a percent of the remaining mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may be no more than a basic computer error but I am nervous that it would also mean I no longer have Consent to Let.
- My partner and I intend to let our existing property out early next year when we find a new house. This is to be done with consent to let from Ipswich Building Society. As of now the apartment is in my name but I am a higher rate tax payer. Do I need to do a Transfer of Equity to her or can I do a Declaration of Trust?
- Need some help about renting a property and consent to let. In the coming months I want to move in with my fiance. The council would like to rent my flat for three years guaranteed with rent and service charges covered. The mortgage is with Ipswich Building Society. Please advice
- What's the rules of consent to let for Ipswich Building Society?
- How much of my loan allowance will be made available to draw down on if I change my mortgage to a consent to let with Ipswich Building Society?
- Is it the case that a previous extension to a mortgage term with Ipswich Building Society be held against us when we sought consent to let from Ipswich Building Society.
- My husband and I took out a mortgage with Ipswich Building Society a few months ago and although it's only a possibility we may have to relocate around next July or August and would like to be able to rent our flat out. Is this possible with a non- buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
If 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 null and void. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with Ipswich Building Society your property may be repossessed