Need Help?
Need professional advice for your consent to let with Ipswich 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 Ipswich Building Society consent to lease
- I am wanting to email my lender Ipswich Building Society justifying the following logic for my request for consent to let ; "I am having difficulties paying the mortgage and thinking about a to move to a smaller property but can't sell. I am worried by failing to make payments and have considered handing back the keys. If you issued consent to let that may solve things." Is this likely to convince them to grant me consent to let?
- Under what circumstances will consent to let for a property be issued by Ipswich Building Society? How long do you have to have had ownership of the property before consent to let can be negotiated with Ipswich Building Society? By way of background we are going abroad for a year and a half with my wife’s company and will need to rent our property. I would be looking at being given consent to let in the first instance in order to renting the property out to offset the costs of the Ipswich Building Society mortgage.
- The plan is to move in with my partner and I have let my property out to 2 students on a one year AST. The application for consent to let from Ipswich Building Society is in hand but what if they decline. I can’t renege on my contract in terms of not renting the students as the paperwork is finalised. On the other hand Ipswich Building Society could take action for breach of a condition i.e. renting it out without consent to let.
- My plan is to let my ground floor flat out from the end of Nov this year as I will be travelling for a few months. I have a residential mortgage with Ipswich Building Society. I will not be letting for more than four months. Most likely it will be four months. It has been suggested that I get permission from my freeholder first? Please can you suggest what I should be doing in what order?
- I am looking to Ipswich Building Society to issue me with consent to let out my flat in Wandsworth. I am moving to Norway for Eight months for work.
- I have a letter to Ipswich Building Society requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- Can I refinance with Ipswich Building Society with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- Is there discretion in the accepted equity ration before switching from an existing Ipswich Building Society mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Ipswich 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
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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Ipswich Building Society