Need Help?
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.
Frequently asked questions relating to Suffolk Building Society consent to lease
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I have a standard mortgage over my residence in loc and intend to move to country for three years. During this time I want to lease out my house. My bank is withholding consent to let. It’s hardly ideal to move to a buy to let loan as it’s only a short term option that I am going away for.
- My granddaughter is going to work abroad for twelve months and wants to lease her property out. She has a Suffolk Building Society fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- In the coming months I plan to move home and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can put in an offer thus being chain free and then let my property out once I move. Is it likely that Suffolk Building Society grant consent to let for a year if they know I am looking to purchase a further property or only if I am relocating temporarily with work?
- Is it possible to switch a homeowner mortgage with Suffolk Building Society to a consent to let. It will be less than 55% loan to value and it would change from repayment to an interest only mortgage?
- My partner and I are interested in understanding the Suffolk Building Society consent to let process and prerequisites for granting.
- My Suffolk Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I am seeking consent to let for my house as I am moving out for 6 months currently fixed Suffolk Building Society mortgage with three years which is due in June next year.
- Me and my husband spoken to someone at Suffolk Building Society about changing our existing mortgage to consent to let (the current fixed rate expires in spring next year). Can I just confirm that I need to formally put the request in writing setting out our change in circumstance to Suffolk Building Society? Where do I need to send the letter to?
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Important warnings to consider in in addition to the above Suffolk 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
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 inform them may 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Suffolk Building Society your property may be repossessed