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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.
Recently asked questions relating to Secure Trust Bank consent to lease
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A friend of mine suggested that this Christmas I rent out my flat and generate some income while I am on holiday. I only plan to be away for a fortnight. Do I need consent to let from Secure Trust Bank?
- I have been foolish in omitting to inform Secure Trust Bank that I’m renting my garden flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Secure Trust Bank, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- Me and my husband may be given an opportunity to work in a different office in the UK for a three months and would like to know if we can let our current house. It is a two year fixed rate and we are three months into the mortgage with Secure Trust Bank. We have lived at the property for over four years. Our LTV is 80%. Are we likely to get consent to let from Secure Trust Bank? What charges can we expect to pay etc
- Twelve years ago I was given consent by the local authority and my mortgage provider Secure Trust Bank to convert a small barn into a granny annex, conditional on it not being disposed of separately from my house. My parents died some years ago and I would now like to lease it out with consent to let from Secure Trust Bank. Do you think this can be obtained?
- I was just enquiring if Secure Trust Bank were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- If I have an existing residential mortgage with Secure Trust Bank and am planning to rent it out in the future will I be given consent to let? What is the process and what needs to be done next?
- My partner and I took out a mortgage with Secure Trust Bank a few months ago and although it's still early days we may have to relocate around next September or October and would like to be able to rent our property out. Would this be possible with a non-commercial mortgage?
- My mortgage is presently with Secure Trust Bank and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. What are my consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Secure Trust Bank consent to let information
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 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
If your property is leasehold, the provisions in the lease may prevent 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 breach of the lease. This could trigger 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 Secure Trust Bank