Need Help?
Need professional advice for your consent to let with JPMorgan Chase Bank, N.A.? 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 JPMorgan consent to lease
-
Just wondered if JPMorgan exercise a right to increase interest rates on a homeowner mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their Buy to Let loans'?
-
I work for a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender JPMorgan. Is this a new type standard inquiry?
- I obtained consent to let from JPMorgan in 2012 but failed to need it and have since refinanced with another bank. I recently asked for consent to let. I was told it would be authorised since their requirements were met. Yet recently received a letter advising me that I must provide a letter from the DWP indicating that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the insinuation that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £35 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to continue with them
- I have a JPMorgan mortgage and have been renting my flat without consent to let, which I am now led to believe means I am in contravention of my mortgage contract. They may have suspicions that I am not living there. Is my only option is to sell the apartment before repossession?
- I have split up with my wife and we have each moved into our parents house and intend to divorce. What do I have to do to get JPMorgan to give consent to let the property out to tenants?
- We are one year into a three year residential mortgage with JPMorgan. Just enquiring whether it's permitted to lease out the property on my existing mortgage. Will JPMorgan grant consent to let?
- I currently have a mortgage with JPMorgan that I would like to transfer to a consent to let as we have found another property we are looking to purchase. What is the procedure for consent to let?
- Would a previous extension to a mortgage term with JPMorgan be held against us when we sought consent to let from JPMorgan.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above JPMorgan consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with JPMorgan your property may be repossessed