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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.
Top Five Questions relating to Suffolk Building Society consent to lease
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I am about to join the property ladder looking to purchase a detached house in Suffolk Building Society. I have a healthy deposit and expect a mortgage from Suffolk Building Society. My concern is that my partner owns a flat in Maida Vale and I hope to be moving in next year, when I would have to let out my property. I have heard of consent to let but it does not sound like a guaranteed option. Is there any advice you can impart?
- Me and my husband were intending to purchase a one bedroom apartment with 30k down payment with the intention of living there. Somewhat fortuitously the in-laws plan to move to Dubai for a year so we plan to move into theirLambeth bungalow to "housesit". If we were to proceed with a residential mortgage with Suffolk Building Society would we likely encounter any issues with switching to consent to let ?
- A friend of mine has been renting her house off the same landlord for nearly 18 months. For the last year my friend has been getting letters from Suffolk Building Society (she hasn't opened them-it is clear from the envelope). Inititially she forwarded them to the landlord’s address. I was a bit suspicious as none of the landlady's mail was meant to be going there. I therefore went to my friends house and called Suffolk Building Society on her behalf. The lady I spoke to at Suffolk Building Society asked all sorts of questions, the landlord’s name her current address, the tenant's name and then said they were going to investigate whether she was entitled tolet out the property or if it was an offence with no consent to let. Can you shed anymore light on this?
- I am in the Royal Navy and planning to buy a property with a Suffolk Building Society mortgage. I would like to be given consent to let the house to my sister. In the future I would reside in the property with my family when I leave the Royal Navy. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I am looking to get consent to let on my Islington maisonette from Suffolk Building Society. I will be leaving the UK for a year and so want to know if I am able to let my flat
- I would like to find out what information I should include in a letter seeking consent to let my property in Barnet? I would like to send a request to my lender Suffolk Building Society.
- My work commitments are changing and this could result in mebe in different locations every month and as a result I wish to understand the procedure for getting consent to let with Suffolk Building Society
- I am looking at some alternative lifestyle. I have a Suffolk Building Society mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Suffolk Building Society to do this ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Suffolk Building Society consent to let Advice
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
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 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 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 taking legal action 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