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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.
Frequently asked questions relating to Saffron Building Society consent to lease
- Hi, I have a mortgage on a flat with Saffron Building Society and I am pondering on the idea of letting my property out. Can I do this without changing to a buy to let or obtaining consent to let from Saffron Building Society?
- I got a domestic mortgage with Saffron Building Society last October and then had to relocate for work, I am now considering leasing my flat out on a short term basis whilst I am abroad. What are my chances of obtaining consent to let from Saffron Building Society, and what effect would this have?
- I have a one bedroom apartment in Barnet which I inherited seven years ago and which I have since remortgaged with Saffron Building Society on a fixed rate which ends next September. If I want to rent out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other consequences when seeking consent to let?
- I am already a Saffron Building Society mortgage client seeking consent to let on an existing property. We would like to purchase in close proximity to where we are based with the Army,... but we may have to move.
- Hello, what documents or paperwork would Saffron Building Society require for a consent to let letter?
- Is it possible to negotiate a consent to let from Saffron Building Society if I have a current mortgage which has been in place for eight years?
- I have 5 months to remaining on a two year residential mortgage with Saffron Building Society but now let the flat out. Can I assume they will just charge a set fee for consent to let?
- I am currently remortgaging and exploring the flexibility of certain mortgage providers when it comes to consent to let. Saffron Building Society is one of the lenders I am thinking of going with. How accommodating are they are far as consent to let is concerned?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Saffron Building Society consent to let information
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 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 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 Saffron Building Society