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.
Recently asked questions relating to Suffolk Building Society consent to lease
- I currently have a mortgage with Suffolk Building Society and I am planning purchasing a house with my fiance. It's her council house on a right to buy scheme. Would it be possible to change my Suffolk Building Society mortgage to rent out my existing property in Sutton even though the property is currently in negative equity.
- I acknowledge that I have been extremely reckless in failing to notify Suffolk Building Society that I’m leasing my flat out. I would like rectify the situation and seek consent to let. If Suffolk Building Society says yes, what are the chances of them knowing historically that the property was let without consent?
- My husband and I are in a complex mortgage scenario in the last couple of month. We have to rent our flat with consent to let and move to a different location due to schooling. We now rent a house. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- I have been in the Royal Air Force for five years and am looking to buy a house using a Suffolk Building Society mortgage. I would like to be given consent to let this house to my parents. In years to come I would reside in the property with my family when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- I am looking to Suffolk Building Society to grant consent to let out my flat in Islington. I am moving to Mexico for 6 months on a secondment.
- I took a residential mortgage with Suffolk Building Society, and I would like to rent the property out, until I decide whether to sell or keep it as an investment. At the moment I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. BTL?
- My daughter has a mortgage with Suffolk Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be given consent to let? What is the process and what needs to be done next?
- We would like to rent out my house to be nearer to my daughter's uni and look after of my mother. Do I need consent to let from my lender Suffolk Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Suffolk Building Society consent to let information
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 may result in 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Suffolk Building Society