Need Help?
Need professional advice for your consent to let with Swansea Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Swansea Building Society consent to lease
- Can you explain "consent to let" to me? I live in a studio flat and its in good condition. It has been on with agents for two months and I am struggling to sell. This is probably due to an ongoing dispute with the guy next door. I have had to put it on the disclosure sheet. I am with Swansea Building Society on a standard variable rate. It has been suggested to me that I should get consent to let by Swansea Building Society and let the flat out.
- Following retirement last year I purchased a “retirement home” for my wife and myself to move to. We would like to let our current property to our son and I have consequently contacted Swansea Building Society for consent to let. I was just seeking a general view on whether Swansea Building Society currently allows it?
- How long must one live in a property before consent to let with Swansea Building Society would be forthcoming? I bought my house with a Swansea Building Society mortgage back in June.
- We intend to let our existing apartment out shortly after we find a new house. I will apply for consent to let from Swansea Building Society. The flat is currently in my name but I am a higher rate tax payer. Do I need to do a equity transfer to her or should I enter into a Declaration of Trust?
- I am looking to Swansea Building Society to issue me with consent to let out my home in Enfield. I am moving in with partner, cant sell property
- Are you able to help? I am just enquiring if Swansea Building Society offer consent to let as an option should I decided to rent out my property under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- I have Swansea Building Society mortgage and am considering letting the property. I understand I would need a consent to let to do this...is that right ?
- Last month acquired a one bedroom apartment in Wandsworth. I am a FTB. I am moving Paris next month, can I get consent to let from my lender Swansea Building Society or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Swansea 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
One thing to remember when arranging a consent to let mortgage with Swansea 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 standard 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society