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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 would like to rent out my existing property as I wish to acquire a larger house for the family. I have a mortgage with Sainsburys Bank. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after two years with an alternative lender? Will it have to be buy to let mortgage and not a residential mortgage?
- We have just sorted our rates for another fixed period with Sainsburys Bank. Some weeks later, I went to an interview and basically I accepted the job offer in Croydon. I'm going to rent a small flat for me and my family in Ealing as we don't wish to sell the house and moreover we might come back before two years.... We really have no idea whether it will go. We have contacted Sainsburys Bank but we would like also your take on the situation. How is it to obtain consent to let in that case as we secured a fixed 5 years rate we really don't want to lose this rate.
- I am unable to find the form to download "consent to let" on the Sainsburys Bank website. Could you please email me a link to do it? Many thanks.
- I sought consent but was refused as I did a remortgage in July but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with Sainsburys Bank but will they give me consent straight away?
- I wish to be informed of the definitive criteria and requirements in place to change my Sainsburys Bank mortgage to a consent to let?
- My Sainsburys Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I have fixed rate mortgage with Sainsburys Bank. I may have to let out my property due to necessity. If I apply for consent to let, will I have to pay a lot more interest?
- Will Sainsburys Bank issue consent to let my house? I have an existing residential mortgage, never been in arrears and have been with Sainsburys Bank for a little under since 2009. What costs am I likely to face
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Caveats to be read in in addition 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Sainsburys Bank