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.
Common questions relating to Saffron Building Society consent to lease
- Me and my husband are looking to purchase a three bed flat with 30k down payment with the intention of living there. Somewhat fortuitously the in-laws have plans to move to Spain for a while so we would be moving into the in-lawsMerton property to "housesit". In the event that we go ahead with a residential mortgage with Saffron Building Society would there be any difficulties with gaining consent to let ?
- I have recently been offered a job overseas and wondering if it's a good idea leasing my property out. Will Saffron Building Society allow me to switch mortgage or issue me with consent to let? Should it not be available I will have to think about whether it's worth taking the promotion. I wouldn't mind paying an increased amount as I intend to return and move into my home after 1 to 3 years. I'm not doing it to to make money. Just really like my property and wish to return to it one day.
- I would like to buy a second house having recently bought a one bedroom first floor purpose built flat on domestic mortgage. Plan to purchase in a few months time. I have been advised that I may need consent to let from Saffron Building Society, my current mortgage provider? What is the best way to go about this and gain the consent required.
- My house had been let to students for three years between 2009-2012 while working abroad. I have a letter dated March 2010 from my lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender Saffron Building Society for the house I wish to purchase.Your view would be appreciated
- My husband and I bought a property in Liverpool with Saffron Building Society and am moving to rent a property in Cardiff due to work. Is consent to let from Saffron Building Societypossible? I only want to let out the flat for 6 - 12 months before selling.
- My existing mortgage is with Saffron Building Society, but I am going to move out for approximately 12 months as we need to be closer to my partner's mother. Will Saffron Building Society issue consent to let?
- I have a domestic mortgage with Saffron Building Society - 32% equity or thereabouts. I am considering relocating for another job and was enquiring if Saffron Building Society are flexible in changing the mortgage to allow for consent to let?
- Was wondering how to precure a consent to let from Saffron Building Society who I have a mortgage with. There is an outstanding balance of 87k. The value of house is 110k. Property is in my name but my wife and I would like to purchase a garden flat in Greenwich we have seen together. How do we go about it?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Saffron Building Society consent to let Questions and Answers
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
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 standard 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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Saffron Building Society