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Need professional advice for your consent to let with Sainsburys Bank? 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 Sainsburys Bank consent to lease
- I want to see if I can obtain consent to let on my current flat. I have a mortgage with Sainsburys Bank but my circumstances have changed. I'm looking to move in with my partner and daughter who have a house and is larger than my studio property. I am unlikely to qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 per annum.
- I was going to call Sainsburys Bank to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if if you could direct me to a site where I could download this form on the web?
- Me and my husband own a property in MIddlesbrough and will be moving to Kent at the end of March. I have a letting agency and tenant lined up. I was planning to leave everything as it stands as I'm concerned Sainsburys Bank will say I have to change my mortgage rate over to a buy to let and am unable to afford that. I would like to secured a consent to let via Sainsburys Bank but am afraid if I come clean it would result in a whole host of issues
- We have an offer accepted to buy a house, we have a deposit of between 10-15% for a residential mortgage with Sainsburys Bank. The small problem is we are due to leave the country in two months for work. We are using a mortgage broker. He says if you tell this to Sainsburys Bank in advance you will need to get a buy to let. Do go ahead with residential mortgage with Sainsburys Bank, in a couple of months ask them if I can have consent to let? Otherwise, do we try and speak to Sainsburys Bank at this point and disclose there is a possibility we will move abroad in the future (I have not signed anything as yet to move abroad) and see if they agree in advance that it should not be a problem
- I am looking for information on what are acceptable reasons for leasing a property when it comes to seeking consent to let from Sainsburys Bank? Are you able to assist?
- Due to job opportunities I will be relocating to Wales and would like to let out my flat temporarily, are you able to confirm what steps I need to take in order to get consent to let from Sainsburys Bank?
- I currently have a residential mortgage with Sainsburys Bank and plan on letting due to work being based in Luton. In asking for consent to let from Sainsburys Bank do I run the risk of them forcing me to change deal to buy to let
- I am interested in consent to let for my property mortgaged with Sainsburys Bank. How do I proceed? Do I have to contact Sainsburys Bank and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Sainsburys Bank 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
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 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Sainsburys Bank your property may be repossessed