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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.
Questions and Answers: Saffron Building Society consent to let
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I'm about to apply to Saffron Building Society to obtain consent to let out my home in Saffron Building Society. However I have put the house on the market but there are no takers and forking out for a full mortgage, council tax and insurance on an empty house is draining me financially. What position would Saffron Building Society take if I have the house on the market?
- A year ago my building society (not Saffron Building Society) granted me with consent to let. The condition was that every half year they would levy a charge of 0.5% of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been canceled .
- I let my apartment last year and didn't tell Saffron Building Society. I have a five year residential mortgage (healthy equity in it, never defaulted) and want to let Saffron Building Society know and get consent to let for the final 24 months of my mortgage . Not sure how to go about this.
- I applied for consent but was refused as I did a remortgage in May 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 Saffron Building Society but will they give me consent straight away?
- I was just curious as to whether Saffron Building Society would issue me with consent to let and what kind of charges, penalties and rate increase etc
- My current mortgage is with Saffron Building Society, but I have to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to just chill out a little for a year (by living near her mother and stepfather and having support) in a greener more relaxed part of Manchester.
- My Saffron Building Society mortgage rate is up this September can I go on a interest only with consent to let?
- I am trying to investigate if it is possible to get a consent to let home loan with Saffron Building Society rather than a buy to let mortgage
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Saffron Building Society consent to let Questions and Answers
Tax and Legal
There are numerous potential 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 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 Saffron Building Society