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
- I currently have a mortgage with Suffolk Building Society and I am thinking of purchasing a home with my fiance. It's her council property on a right to buy scheme. Will I be able to change my Suffolk Building Society mortgage to lease out my existing property in Bromley even though the property is currently in negative equity.
- My wife and I are presently 1 year into a year fixed rate mortgage with Suffolk Building Society. Ideally we would like to purchase a bigger 2nd property in the coming months however would like to keep the first house and I was wondering what reason we could put down on the consent to let form to obtain consent to from Suffolk Building Society
- I have just come off the phone to Suffolk Building Society who have advised me that they are now aware that I have been renting the studio flat even though it is on a resi mortgage. I moved out two years ago for career reasons, couldn't sell and so had little choice to rent out the property. Do you know what the consequences may be for me not getting consent to let?
- We are looking to apply to Suffolk Building Society for consent to let on our current residential property in Westminster. I am looking to draw down equity from my existing home before doing so, and making use of that money to buy a second home. I will stay in that property whilst renovating it for nine months after which 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?
- I am looking for some generic information on consent to let with Suffolk Building Society: I am moving to Spain to start a new job. Potentially for a number of years. Nevertheless I will be on a 3 month test period .I'm wanting to know the criteria for consent to let from Suffolk Building Society and any costs involved
- I was just enquiring if Suffolk Building Society were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I have a mortgage with Suffolk Building Society taken 3 months back where I moved from another mortgage provider. Can I now rent my property with consent to let from Suffolk Building Society as I am planning to buy a further property.
- Are you aware if there is normally a maximum LTV before Suffolk Building Society will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Suffolk Building Society consent to let information
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 standard 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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