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.
Common questions relating to Swansea Building Society consent to lease
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Can one refinance on a consent to let with Swansea Building Society?
- I have a home loan with Swansea Building Society on a flat and I am intending to find a tenant for it out and rent an alternative property due to changes in personal circumstances - I want to move to a different location, and to live in a larger house with my partner. I applied for consent to let and yesterday got a response refusing as they considered that I want to invest. I as at a loss as to what my options are. I am now at risk since I am already committed to the new property and would have to pay both Swansea Building Society and rent, which could expose me financially. The matter needs to be resolved soon because a prospective tenant is waiting
- My husband and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Swansea Building Society mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- My house had been let to students for three years between 2009-2012 while living Amsterdam. I have a letter dated March 2010 from the mortgage company granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be sufficient for the new lender Swansea Building Society for the house I intend to buy.Your view would be appreciated
- I need to send the consent to let form by courier and need to know if Swansea Building Society have a regular postal address I can use as couriers ordinarily will not accept deliveries to PO Box addresses.
- Do you know whether Swansea Building Society will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Swansea Building Society let me raise capital based on the rental revenue ?
- I am after further information in relation to consent to let home loans, potentially switching our current mortgage with Swansea Building Society over to a consent to let one.
- My wife and I may want to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Swansea Building Society or do I keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Swansea 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
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
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 terms are not adhered to you may be in violation of 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