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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.
Top Five Questions relating to Saffron Building Society consent to lease
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I have a homeowner mortgage over my property in loc and am due to relocate to country for two years. During this time frame it makes financial sense to let out my apartment. My lender is withholding consent to let. I don’t really want a buy to let mortgage as it’s only for a short period that I am going away for.
- Resulting from a change in family circumstances my wife and I are moving to my parents house while they are away and letting our home out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to remortgage in the next twelve months will we then have to move to a BTL product. We will 100% return to our flat at within the next nine months?
- I bought my one bedroom apartment in Brent last November and have a two year fixed rate mortgage with Saffron Building Society. Looking to move in with my fiance imminently and would like to rent my property. Just want to know the process.
- How long after getting a new mortgage will a consent to let be likely to be given by Saffron Building Society? By way of history I bought my flat in Lewisham 2 years ago and am currently on a three year fixed rate. Not long after I met a guy and now we are looking at moving in together. I am planning to get another fixed term next December. I presume that I would have to wait at least six months before I could seek consent to let. Is that correct?
- I already have a mortgage with Saffron Building Society, but I will soon to need move out for around 12 months as we need to be closer to my partner's mum. Will Saffron Building Society give consent to let?
- I currently have a mortgage with Saffron Building Society that I would like to transfer to a consent to let as we have found another property we are looking to buy. What is the procedure for consent to let?
- We have a mortgage with Saffron Building Society and would be thinking about buying another main residence and then subsequently leasing our current house out. Would I require consent to let from Saffron Building Society?
- I have fixed rate mortgage with Saffron Building Society. I am going have to rent out my house due to necessity. Were I to apply for consent to let, will I have to pay significantly more interest?
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Important warnings to consider in in addition to the above Saffron Building Society consent to let information
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
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 conditions are not complied with you may be in violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Saffron Building Society your property may be repossessed