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.
Sample questions relating to Saffron Building Society consent to let
- Me and my husband are intending to purchase a garden flat with 10% deposit with the aim of living there. However in the next two years the in-laws are arranging to move to Dubai for a year so we would be moving into the in-lawsLewisham property to "housesit". In the event that we proceed with a residential mortgage with Saffron Building Society would there be any difficulties with obtaining consent to let ?
- Me and my husband are currently one year into a year fixed rate mortgage with Saffron Building Society. We would like to acquire a bigger 2nd property in the coming months however would prefer to keep the first home and I was wondering what reason we could put down on the consent to let form to obtain consent to from Saffron Building Society
- I am with Saffron Building Society and just had to apply for consent to let, but wondered if they impose any requirements on the level of rental to be received?
- I am two years into my 5 years fixed term mortgage and have accepted an overseas job so wish to rent out my flat for two years. My loan to value is around sixty per cent. Are you able to clarify whether Saffron Building Society will load the interest rate for consent to let for the period of my letting?
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Saffron Building Society? Are you able to assist?
- I currently have a mortgage with Saffron Building Society, but I will soon to need move out for around a year as we need to be nearer to my partner's parents. Will Saffron Building Society give consent to let?
- I am trying to find out Saffron Building Society fees for conversion to consent to let from a fixed rate residential mortgage?
- Do you have the address to which a Consent to Let request to be sent for Saffron Building Society? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Saffron Building Society consent to let Questions and Answers
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with Saffron Building Society your property may be repossessed