Need Help?
Need professional advice for your consent to let with Secure Trust Bank PLC? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Secure Trust Bank consent to let
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I am a FTB looking to purchase a terraced house in Secure Trust Bank. I have a good size deposit will be getting a mortgage from Secure Trust Bank. My predicament is that my girlfriend inherited a apartment in Nuneaton and I hope to be moving in next month, at which point I would have to let out my property. I I know that consent to let is needed but it does not sound like there is any certainty. Is there any advice you can impart?
- My husband and I have just sorted our rates for another fixed period with Secure Trust Bank. Subsequently, I went to an interview and basically I accepted the job offer in Waltham Forest. I'm going to rent a two bedroom flat for the family in Waltham Forest as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea how things will go. We have contacted Secure Trust Bank but we would appreciate your take on the situation. How is it to receive consent to let in that case as we just got a fixed 5 years rate we would not want to swap this.
- My partner and I might have to lease his property out. I realise that I require consent to let by Secure Trust Bank. We plan to join a landlord association if we decide to let the flat, but do you have any thoughts on which are the best? We've seen the RLA and National Landlords Association.
- I have a homeowner mortgage coming up for renewal with Secure Trust Bank. I have had the property rented out for a few years and I think I should have disclosed this to Secure Trust Bank. I understand that it is possible to ask for a consent to lease, but given that the property has already been let out could they refuse - force me to go onto a BTL rate and even fine me? I have over 45% equity in the house - and the rent will more than cover the mortgage.
- I’m about to finish the fixed rate period of my two year fix with Secure Trust Bank and move on to the current variable rate. I would like to know whether consent to let from Secure Trust Bank is a foregone conclusion, if there are fees, and if there are time limits?
- I currently have a mortgage with Secure Trust Bank that I would like to transfer to a consent to let as we have identified another property we are looking to buy. What is the procedure for consent to let?
- My Secure Trust Bank mortgage rate finishes next June can I switch to a interest only with consent to let?
- Seven weeks ago I completed my homeloan with Secure Trust Bank since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be granted consent to let if I were to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Secure Trust 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
One thing to remember when arranging a consent to let mortgage with Secure Trust Bank 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 to have a license to do so from 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
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Secure Trust Bank your property may be repossessed