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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.
Common questions relating to Suffolk Building Society consent to lease
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I have a normal mortgage over my property in loc and intend to move to country for three years. During this time frame it makes financial sense to lease out my apartment. My bank has declined to grant me consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only a short term option that I am abroad for.
- Me and my husband and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our home. We already have a Suffolk Building Society mortgage. What costs are levied and is there a time limit on consent to let?
- My fiance and I are looking to apply to Suffolk Building Society for consent to let on my existing residential property in Lambeth. I am looking to draw down equity from my existing house ahead of this, and making use of that money to purchase a second home. I will live in that property whilst renovating it for six months at which point the intention is to sell it then move back to my existing property. Is this something Suffolk Building Society will consider consent to let for or is that out of their criteria?
- How long do I need to have a further advance from Suffolk Building Society before one is eligible for consent to let. Can I call you to explore my options please?
- I was just curious as to whether Suffolk Building Society would grant consent to let and what kind of charges, penalties and rate increase etc
- I want to take in in a lodger for my ground floor flat in Islington which I live in. My mortgage is with Suffolk Building Society. How do I go about getting a consent to let?
- I have only recently completed my homeloan with Suffolk Building Society since when my boyfriend has proposed and we are deciding whether to live in his house or my property. Would I be issued consent to let if I decided to move into his property
- I have a standard homeloan with Suffolk Building Society. I bought the property in September last year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Suffolk 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
Where 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 trigger 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Suffolk Building Society your property may be repossessed