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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
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Soon to be packing up as my husband and I plan to return to New Zealandin Month, initially for a little as 9 months but it could be longer term. I have contacted Suffolk Building Society for consent to let out our home in Suffolk Building Society. I have had a mortgage with Suffolk Building Society for 9 years and the account is up to date with no current arrears. Suffolk Building Society inform me, that even if they grant consent to let, that this will be limited consent for a period of twelve months. After the year is up what happens next?
- My husband and I have a standard variable rate mortgage with Suffolk Building Society. This has been in place since 2007. We are thinking about renting out our property and renting in a village close to our kid’s school until a suitable house becomes available to buy. Do Suffolk Building Society normally grant consent to let and do they apply an increase to the mortgage rate?
- I have a Suffolk Building Society mortgage on an apartment I own, in Westminster. This year, resulting from a change in my circumstances I decided to rent out the flat, and rent another property in a different area within same loc. The state of affairs that altered is that my partner moved in, and the flat is too small for our needs. I would rather not sell the flat because the current market value is significantly lower than when I purchased the flat seven years ago. I applied to Suffolk Building Society for a consent to let which was turned down as they considered that I wanted to invest in the flat. Any insight would be greatly appreciated, as i am at the end of my tether. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may look elsewhere.I look forward to hearing from you
- My partner and I are first-time buyers, presently renting. We want to buy a ground floor flat in Sutton. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to seek a buy-to-let loan? Could we take a normal mortgage with Suffolk Building Society, even though we won't be moving in straight away? Or could we reside there for half a year, then start renting it with consent to let from Suffolk Building Society? I'm only evaluating suggestions that are entirely legal, and have no intention of contravening the provisions of the Suffolk Building Society mortgage.
- I’ve already let but only just realised Suffolk Building Society ought to have been notified and consent to let sought - what's the best course of action now?
- I will have to move to NYC for two years, I have a house with a Suffolk Building Society mortgage. Do I need to ask consent to let? Will they willing to grant this?
- I am looking to get consent to let with my Suffolk Building Society residential mortgage. It is a mid terraced house. Will Suffolk Building Society grant consent on this basis? Or would it be regarded as an HMO?
- I was wondering if you are able to help. I do not have consent to let from Suffolk Building Society and was wondering if this option is available to me to move to as I have to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
One thing to remember when arranging a consent to let mortgage with Suffolk 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
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 restrictions are not strictly observed you may be in violation of 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