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.
Top Five Questions relating to Saffron Building Society consent to lease
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Just wondered if any of your clients had recent experience applying for Consent to Letforfor less than a year from Saffron Building Society or if you know how such consent is gained.
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- My husband and I live in a matrimonial property where we have numerous spare rooms. We are exploring the prospect of creating an B&B type business to let rooms out on a short term basis. Are you aware if this kind of thing allowed under Saffron Building Society’s consent to let protocol?
- Me and my girlfriend hope to purchase a property together. Plan is for me to get consent to let my property from Saffron Building Society. Thinking further ahead - when my two year fixed period expires - how would it work if I wanted to remortgage my flat?
- How simple is it to get a consent to let from Saffron Building Society and what does it cost? If I want to let out my property for three months how easy is it to fluctuate between a standard mortgage and consent to let?
- My husband and I have a letter to Saffron Building Society requesting consent to let signed and ready, but I'm not sure what address I should forward this to. Can you please help me with the address?
- My marital situation has changed, and I would like to lease my home out - meaning consent to let- I have about £175K loan with Saffron Building Society and currently 100k equity I need to side-step the redemption penalties.
- I am fixing my residential mortgage with Saffron Building Society but due to work related issues I may have to go abroad for few years. Will Saffron Building Society allow and give consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Saffron Building Society consent to let information
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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Saffron Building Society