Need Help?
Need professional advice for your consent to let with Santander? 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 Santander consent to lease
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I'm about to apply to Santander to obtain consent to let out my property in Santander. However the property has been on with agents for 6 weeks but there is no interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What position would Santander take if I have the house on the market?
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Are any options available to me if my application to obtain consent to lease is subsequently refused by Santander?
- I have a Santander mortgage on an apartment I own, in Waltham Forest. Last month, due to a change in my circumstances I decided to let out the apartment, and rent an alternative property in a different area within same loc. The personal situation that altered is that I started living with my partner, and the flat is too small for us. I would rather not sell the flat because the current market value is 15% less than when I bought the flat in 2005. I applied to Santander for a consent to let which was refused because they felt that my intention was to invest in the flat. Any advice would be greatly appreciated, as this is really stressing me out. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may pull out.I look forward to hearing from you
- I took out a new mortgage with Santander recently, borrowing extra with the intention to extend the property. That plan has proved not to be possible and I now intend to purchase a second property as my main residence and rent the existing property out with consent to let. Is that likely to land me in a lot of bother?
- I am looking to Santander to issue me with consent to let out my home in Haringey. I am moving to India for 5 months for work.
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a half year rule before consent to let - does this apply to all lenders. Is there any way Santander would grant consent to let at the outset?
- I may potentially need consent to let from Santander in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on how long one can let out your property with consent?
- Do you know whether there a time limit on a consent to let from Santander? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Santander 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
One thing to remember when arranging a consent to let mortgage with Santander 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 standard 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Santander your property may be repossessed