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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.
Recently asked questions relating to Sainsburys Bank consent to lease
- I bought a house three years ago in Newcastle when I worked locally. I got a promotion which necessitated working in Wimbledon. I travel down on Saturday morning and live with a relative during the week. I decided onmoving home to avoid the commute. I am looking into the option of renting out my current home. My mortgage is with Sainsburys Bank, would I have to move onto a new mortgage deal or ought I try to get consent to let?
- My husband and I are applying for a home loan with Sainsburys Bank, but we hit a brick wall. My husband is the deputy head in a boarding school, and as such we are provided with accommodation as part of his employment. We wanted to purchase a maisonette to get on the ladder, and let it out while we're in school accommodation. I had thought Sainsburys Bank would grant consent to let from the outset of the loan. It transpires that we may not be granted consent to let. Can you give me any ideas what we can do?
- Much to my surprise I have just been presented with an excellent career opportunity for 9 months overseas. I do have sufficient savings to pay the monthly Sainsburys Bank mortgage yet the buildings insurance stipulates continuous residency in order to be valid. Last December the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would struggle to cover the remedial works. How likely is it that I will get consent to let from Sainsburys Bank for a limited period?
- We are currently in Melbourne and leasing out our flat in the UK. This is not something we planned but an opportunity presented itself and we took it. The rental income is insufficient to cover the mortgage so we transfer funds each month to cover the shortfall. Yesterday our lender got in touch informing me that as the property is being let out and has been for almost two years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell up but this will be far from easy as I am so far away. Could we remortgage with Sainsburys Bank and get consent to let?
- I would like to send the consent to let form by courier and need to know if Sainsburys Bank have a regular postal address I can use as couriers usually don’t accept deliveries to PO Box numbers.
- Do you know whether Sainsburys Bank will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Sainsburys Bank let me raise capital based on the rental income ?
- Is consent to let a less costly way of renting out your property? Isn't this a loophole for some people to exploit?
- Soon to remortgage my house but I will potentially moving out in the near future and would be looking to lease it out. What would I need to do to get consent to let from Sainsburys Bank?
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General Advice to read in supporting the above Sainsburys Bank 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
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
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 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 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