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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.
Frequently asked questions relating to Suffolk Building Society consent to lease
- My niece is going to work abroad for twelve months and would like to rent her property out. She has a Suffolk Building Society fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- I would like to see if I can get consent to let on my existing flat. I have a mortgage with Suffolk Building Society but my situation has changed. I'm about to move in with my partner and daughter who have a house and is larger than my studio property. I don't think I can qualify for a buy to let loan as I don't have money for a deposit nor do I earn in excess of £25000 a year.
- I am aware of the GGT connotations of converting a Suffolk Building Society mortgage to consent to let, but what about the ongoing rental revenue vs expenses? Say I have converted my former owned ground floor flat into CTL and moved out and pay rent elsewhere. Is it legitimate to offset the rent I am paying from the rental income?
- Resulting from a redundancy my partner and I are looking to move away from Croydon and our flat, potentially to a job in Norway but that means we will want to let the property but don't want the penalty fee of existing Suffolk Building Society mortgage which will be high.On what basis is 'consent to let' issued by Suffolk Building Society?
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Suffolk Building Society and are thinking of renting the property out for two years, but cannot really afford to change to a buy to let rate. The estate agent mentioned something about a content to let
- Is consent to let a cheaper way of renting out your property? Isn't this a loophole for some people to exploit?
- I am currently refinancing and looking into the flexibility of certain lenders when it comes to consent to let. Suffolk Building Society is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
- I have a granny flat attached to our home. Do we need consent to let this from Suffolk Building Society? If so, what is the process if I would like to switch the mortgage to consent to let?
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Information to consider in conjunction with the above Suffolk Building Society consent to let Info
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
If 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 trigger your insurance becoming null and void. 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 violation of the lease. This could potentially result in 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 Suffolk Building Society your property may be repossessed