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.
Recently asked questions relating to Suffolk Building Society consent to lease
- Having spent twenty years in London, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Suffolk Building Society. In the relocation destination, we are be looking at a 4 bedroom property around the £250k mark. Ideally, we would like to retain my existing apartment. Could I ask for Consent to Let from the proposed new mortgage provider Suffolk Building Society. If granted what are the likely conditions?
- My wife and I have a flat in Lewisham which we purchased as a new-build about twelve years ago. As we've now got a young son we require a larger home. We've found a property in Ealing that we would like 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 question is, can we retain the repayment mortgage with Suffolk Building Society so we effectively paying off our loan on the flat or do we have to transfer to a buy-to-let mortgage?
- I have a ground floor flat in Waltham Forest which I bought in 2007 and which I have since remortgaged with Suffolk Building Society on a fixed rate which ends next September. If I want to let out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other consequences when seeking consent to let?
- Me and my girlfriend hope to buy a house together. Plan is for me to get consent to let my flat from Suffolk Building Society. Thinking a little down the line however - when my 2 year fixed comes to an end - how would it work if I wanted to remortgage my flat?
- We have tenants ready to move in and I have mortgage offer from Suffolk Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I have just recently bought my home and took out a mortgage with Suffolk Building Society but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
- Can you tell me how much the fees are and if Suffolk Building Society usually grant consent to let without changing to a commercial rate?
- Would you be able to help me? What do I need to do to obtain consent to let from Suffolk Building Society? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Suffolk Building Society consent to let Info
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
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
If your property is leasehold, the lease may prohibit 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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