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.
Examples of recent questions relating to Suffolk Building Society consent to let
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What do I do if my application for consent to let is rejected by Suffolk Building Society?
- My husband and I are applying for a mortgage with Suffolk Building Society, but we have hit a snag. My husband is the deputy head in a boarding school, whereby accommodation is a benefit of the job. We wish to buy a one bedroom apartment with a view to joining the property ladder, and rent it out while we're in school accommodation. I had thought Suffolk Building Society would be willing to give consent to let from the outset of the mortgage. It transpires that we may be refused consent to let. Do you have any suggestions?
- How easy is it to switch a standard mortgage with Suffolk Building Society to a consent to let. It will be less than 70% ltv and it would alter from repayment to interest only?
- Me and my OH have a flat in Hillingdon which we acquired off-plan just over eight years ago. As childen are growing up we need more space. We've found a property in Croydon that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with Suffolk Building Society and we've found a tenant who will pay rent which more than covers the monthly mortgage amount. Our query is, can we retain the repayment mortgage with Suffolk Building Society so we effectively paying off our mortgage on the property or do we have to transfer to a buy-to-let product?
- How simple is it to get a consent to let from Suffolk Building Society and what does it cost? If I want to let out my property for a few months how simple is it to fluctuate between a standard mortgage and consent to let?
- How much of my loan allowance will be made available to borrow if I switch my mortgage to a consent to let with Suffolk Building Society?
- I would be interested to know what information I should include in a letter applying for consent to let my property in Newham? I would like to send a request to my mortgage provider Suffolk Building Society.
- Is consent to let a cost efficient way of renting out your property? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Suffolk Building Society consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Suffolk Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Suffolk Building Society