Need Help?
Need professional advice for your consent to let with Suffolk Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Suffolk Building Society Consent to Lease Example Support Desk Enquires
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I have a homeowner mortgage over my residence in loc and intend to move to country for a couple of years. During this time it would be ideal if I could lease out my house. My lender says I cannot have consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a limited time-frame that I am going away for.
- I will soon be moving to Hong Kong. As opposed to sell my house, I would like to rent it out, just in case things don’t go as expected. My existing mortgage is with Suffolk Building Society. If I looked to refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence reject my request for Consent to Let?
- My premises worth £115,000. Remaining home loan of £25k with 8 years left. Get consent to let via Suffolk Building Society for current property and make use of rent to pay off the last few years of mortgage. Apply for 70 per cent Suffolk Building Society mortgage on second flat that becomes my main residence? Any reason I cant do this?
- We purchased a apartment in MIddlesbrough and will be relocating to Kent at the end of January. I have a letting agency and tenant now. I was planning to keep quiet as I'm afraid Suffolk Building Society will say I have to change my mortgage rate for buy to let which is not financially feasible. I appreciate that it would be preferable to secured a consent to let via Suffolk Building Society but am afraid if I open Pandora's box it would result in a whole host of problems
- I will have to move to Philadelphia for two years, I have a house with a Suffolk Building Society mortgage. Do I need to ask consent to let? Will they be cooperative?
- I have a mortgage with Suffolk Building Society at present and just enquiring whether Suffolk Building Society currently allows consent to let
- I am a Suffolk Building Society borrower. I would like to apply for consent to let my flat. I have been waiting for a response from Suffolk Building Society. Are you able to please check and help?
- Just wanted to know how to precure a consent to let from Suffolk Building Society with whom I have a mortgage with. There is a remaining balance of 57k. The value of flat is 110k. Its in my name but my wife and I would like to purchase a studio flat in Ealing we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Suffolk 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
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 notify them could result in your insurance becoming invalid. 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Suffolk Building Society your property may be repossessed