Need Help?
Need professional advice for your consent to let with Saffron 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 Saffron Building Society consent to let
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I have been letting out my flat with "consent to let" from Saffron Building Society on a standard mortgage for the last three years. Saffron Building Society have just written retracting their consent to let if we do not transfer to one of their "buy to let" loans.
- Next month I will be relocating 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 Saffron Building Society. If I looked to refinance would a new provider consider this as me attempting to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore refuse my request for Consent to Let?
- I obtained consent to let from Saffron Building Society in 2013 but never used it and have since refinanced with a new bank. I recently asked for consent to let. I was told it would be authorised since their requirements were met. I have now received a communication informing me that I must supply a letter from the DWP indicating that that are aware of my current situation before they can issue authorisation. They said this is policy but I have not been able to find these T&Cs on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- We I have a normal mortgage with Saffron Building Society but I would like to occasionally rent the property out as a holiday let....am I obliged to obtain consent to let from Saffron Building Society?
- I am require from Saffron Building Society consent to let out my property in Merton. I am going to move in with my grandfather as I am off work due to ill health.
- We are about to buy a place and plan to live in it once we have renovated but we may need to let the property out but not sure what the rules are on consent to let from Saffron Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- Can I remortgage with Saffron Building Society with consent to let if my fixed rate is about to expire. Circumstances would not have changed.
- We need to contact Saffron Building Society to enquire about letting out my house. Do they send an application to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Saffron Building Society consent to let Advice
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 Saffron 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 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 violation 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Saffron Building Society your property may be repossessed