Need Help?
Need professional advice for your consent to let with Saffron Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Saffron Building Society consent to let: Q and A’s
- My fiance and I have a fixed mortgage with Saffron Building Society (with a little under eighteen months remaining) but due to redundancy want to move away from Essex (actually to a new job in Poland) and so wish to rent the property out. We don't want to have the expense of a repayment fee and understand that some lenders happily issue this 'consent'...what is the approach adopted by Saffron Building Society?
- I am seeking some feedback as to whether consent to let from Saffron Building Society is the best approach. I purchased my house seven months ago by porting an existing Saffron Building Society mortgage product. My fixed term expired five months ago I'm probably going to be moving in with a new partner. I would prefer not to sell my property yet as I'm unsure of whether the new move will work out. Would it be likely that Saffron Building Society would grant a consent to let based on me letting out my property on a short hold tenancy for 1-2 years and then I will commit to a B2L product or sell it?
- Is it the case that the estate agents we rented through owe us a a legal obligation to have checked that the landlord sought consent to let from Saffron Building Society?
- My fiance and I plan to let our existing apartment out early next year when we find a new house. I will apply for consent to let from Saffron 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 should we do a Declaration of Trust?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Saffron Building Society and let my studio flat out if I move in with her?
- I would like to buy a new home but can't afford to sell my current property with a Saffron Building Society mortgage. Do you know acceptable terms for Saffron Building Society to issue consent to let? Is getting married and having children an acceptable reason to make the request?
- Is there leeway in the accepted equity amount before transferring from a current Saffron Building Society mortgage to a consent to let?
- I currently have a residential mortgage with Saffron Building Society and plan on letting due to work being based in Manchester. In seeking consent to let from Saffron Building Society do I run the risk of them forcing me to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Saffron 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
Omitting 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 restrictions are not strictly observed you may be in breach of your covenants under 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 Saffron Building Society your property may be repossessed