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.
Frequently asked questions relating to Swansea Building Society consent to lease
- My friend has rented her house from the same landlady for nearly one and a half years. During the past year my friend has received letters from Swansea Building Society (she hasn't opened them-it is clear from the envelope). For the first five or six she forwarded them to the landlady's address. I was a bit suspicious as none of her landlady's mail was supposed to be going there. I decided to go to my friends house and phoned Swansea Building Society on her behalf. The lady I called at Swansea Building Society asked all sorts of questions, the landlord’s details, information relating to the tenant and then said they were going to look into whether she had the right mortgage and if she didn't it was an offence without consent to let. Are you able to shed anymore light on this?
- I have a Swansea Building Society mortgage and have been letting out my apartment omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage conditions. I suspect that they have found out that I am not residing there. Is my only option is to dispose of the flat before repossession?
- Is it possible to rent out our house in the absence of consent to let from our lender? I appreciate that at the time we signed a contract stating it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use H2B if you owned other premises at the time, but what about property after the event? Can one acquire a further property, receive a gifted property?
- My husband and I are soon to send the final details to our broker for them to move forward with our mortgage application to purchase our first home together. My husband has another flat in 2003 which he co-owns with his brother. That flat was and continues to be let out in the absence of consent to let from Swansea Building Society. So, back to our application - our broker is seeking info on the Swansea Building Society mortgage. If we admit that there is no consent to let from Swansea Building Society will it materially impact the chances of getting a mortgage?
- I have to send the consent to let form by courier and wanted to know if Swansea Building Society have a regular mailing address I can use as couriers ordinarily don’t accept deliveries to PO Box numbers.
- Were I to let my property with consent to let from Swansea Building Society will will theybump up the interest rate? I am currently on a standard variable rate.
- As of today I have a mortgage with Swansea Building Society. I am thinking about renting and purchasing another property but this is all new to me. How do I apply for consent to let from Swansea Building Society and what happens within the process?
- Just wanted to know how to obtain a consent to let from Swansea Building Society with whom I have a mortgage with. There is a remaining balance of 47k. The value of property is 245k. Its in my name but my wife and I would like to purchase a studio flat in Hillingdon we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Swansea 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
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 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Swansea Building Society