Need Help?
Need professional advice for your consent to let with Swansea 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 Swansea Building Society consent to let
- Next month I will be emigrating to Australia. As opposed to sell my house, I would like to lease it out, just in case things don’t go as expected. My present mortgage is with Swansea Building Society. If I looked to remortgage would a new provider see this as me seeking to dodge a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence reject my request for Consent to Let?
- I need to change my domestic mortgage with Swansea Building Society to a consent to let and looking for some help... I purchased my first property in Hendon fouryears ago. After a new job opportunity I moved to Edinburgh, and five months ago got a residential joint-mortgage with my partner. I am inclined to stay with Swansea Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Swansea Building Society refuse what lenders can I approach.
- My partner and I are hoping to utilise equity in my current house to buy another property which I propose to live in whilst I refurbish. My preference is to let out my current property with the Swansea Building Society mortgage. Is it likely that I would obtain consent to let? House is valued at £450 k with a £150k home loan in place.
- I have a two year fixed rate mortgage with Swansea Building Society which began in December. I will be moving out in in three months and have students ready to let my property. I need to get a letter from Swansea Building Society granting consent to let until my term is up to allow me time to move onto a BTL. How do I go about this?
- I previously took a mortgage with Swansea Building Society, but I am going to need to get consent to let for approximately a year as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take a break for twelve months (by living near her parents and having their help) in a greener less intense suburb of Manchester.
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Swansea Building Society?
- I have a mortgage with Swansea Building Society on a two year fixed term contract. I could have an opportunity for a teaching job in Belgium next summer. Would I qualify for consent to let by Swansea Building Society if I took this job overseas?
- Do Swansea Building Society respond positively to requests for consent to let? I am just considering this as an option if I move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Swansea Building Society consent to let Questions and Answers
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society