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.
Sample questions relating to Suffolk Building Society consent to let
- I need to move my children's school by early-September and move to a different area. I don't have time to sell my house.The only way I can see of doing it is to lease my house out. Currently I have standard occupiers insurance. Do I need different insurance? What should request from Suffolk Building Society regards to consent to let?
- I have a shared ownership home in Ealing and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach Suffolk Building Society take to consent to let as I am considering a remortgage with them. I am not sure if they will lend on my property but in the meantime can you provide further advice on their consent to let criteria?
- My partner and I are planning on buying a house, letting a couple of the rooms out in order to cover the loan with Suffolk Building Society, and then moving on in a few years time - at which point the property would be fully let. How likely is it that Suffolk Building Society would look at this unfavourably as I will have been issued with a standard mortgage as opposed to a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this true?
- I have an annex that my father has vacated. As my property is large I was thinking to move into the annex and rent the remainder out. This is also due to change of circumstances. Would I need a consent to let from Suffolk Building Society?
- Can you help me understand the requirements that Suffolk Building Society set for consent to let? Can you assist?
- I currently have a mortgage with Suffolk Building Society, but I will soon to need move out for approximately a year as we need to be closer to my wife’s mother. Will Suffolk Building Society give consent to let?
- I would like some guidance on how best to approach my mortgage lender Suffolk Building Society regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- Do Suffolk Building Society offer consent to let? I am just considering this as an option if I move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Suffolk Building Society consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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