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.
Sample questions relating to Suffolk Building Society consent to let
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I work for letting specialists in loc and have been ask but a prospective tenant of a property for sight of the ‘consent to let’ from the owners lender Suffolk Building Society. Is this a new type standard inquiry?
- I vacated my flat about 4 months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in 2 months and I am considering getting a new mortgage anyway. I want to ask for consent now, is that going to be a problem?
- Due to meet with my financial adviser on Friday. I will apply for Consent to Let from my current lender Suffolk Building Society. My new property in Newham will be 90% LTV. Heard whispers that some lenders still dont accept consent to let customers and I may have issues regarding my new mortgage. Is there any truth in this?
- My property has had a mortgage against it with Suffolk Building Society for the last nine years. Fast forward and I have got married and live in my husband’s home. My property is currently vacant and we either need to sell or let it out. Chances are that this will not be a short term proposition as the probability of moving back is low. What should I advise Suffolk Building Society in order to get consent to let?
- My fiance and I are looking to ask Suffolk Building Society for consent to let out our property in Merton. We are relocating overseas for three years and would like to to rent out the property. I failed to look into this when we got the Suffolk Building Society mortgage, and that was due to the fact that we never thought an opportunity like this would come up so was planning on occupying the property.
- I was just enquiring if Suffolk Building Society would give consent to let and what kind of fees, penalties and new rates etc
- I have a residential mortgage with Suffolk Building Society and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- Please can you provide me with advice as to how to go about obtaining consent to let from Suffolk Building Society and what, if any, fees apply.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Suffolk Building Society consent to let Questions and Answers
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 inform them may trigger your insurance becoming null and void. 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 breach 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Suffolk Building Society