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Need professional advice for your consent to let with Suffolk Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Suffolk Building Society consent to let
- We may be presented with an opportunity to work in a different office in the UK for a few months and wish to know if we can let our current apartment. It is a 2 year fixed rate and we are six months into the mortgage with Suffolk Building Society. We have lived at the property for over 3.5 years. The LTV is 70%. What are the chances of obtaining consent to let from Suffolk Building Society? What can we expect in fees etc
- I'm looking to remortgage my one bedroom apartment, currently let out with consent to let from Suffolk Building Society, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really conversant with what my options are. Can you offer any advice on a good broker service specialising in BTL?
- What is the maximum period of time allowable to Suffolk Building Society that I would be able to let my property without being required to transfer the mortgage or sell my house? In short, my partner has asked me to move in with him and I really want to hold onto my house. I would like the fallback of knowing I still own my own home.
- Earlier this week I received a MIP from Suffolk Building Society for a three bedroom house. I have applied via a broker. It is a capital and interest mortgage. I wonder what is the main criteria Suffolk Building Society adopt in order to allow customers consent to let? Is consent to let based on the rental amount for a property?
- Good-day, what documents or paperwork would Suffolk Building Society require for a consent to let letter?
- I'm thinking about letting my property on a homeowner mortgage with Suffolk Building Society what is the procedure for getting consent to let?
- Will Suffolk Building Society choose to exercise a right to change the rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to refinance on a consent to let with Suffolk Building Society?
- I am considering moving in with my boyfriend at his home and would like to rent out my property that I bought last autumn, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from Suffolk Building Society If I obtain consent would my mortgage payments go up?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Suffolk Building Society consent to let Info
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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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 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
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Suffolk Building Society your property may be repossessed