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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.
Secure Trust Bank Consent to Lease Example Support Desk Enquires
- I purchased a house 3,two years ago in Sunderland when I worked locally. I got a promotion which requires working in London. I drive down on Sunday evening and live with a family member during the week. I am now considering relocating with the family to avoid the commute. I am looking into the option of renting out my current home. The mortgage is with Secure Trust Bank, would I have to change my mortgage rate or should I apply for consent to let?
- How likely are Secure Trust Bank in granting Consent To Let on a garden flat? It is currently on the market and it has been for a couple of weeks. I am keen to sell but I'm worried that given the lack of interest I will need to rent out the property in order to cover the monthly payments to Secure Trust Bank (I no longer live at the address). My preference is to be up front with Secure Trust Bank than keep them in the dark but I am worried as to how understanding they will be.
- My fiancee and I are are looking to join the property ladder, presently renting. We would ideally like to purchase a one bedroom apartment in Ealing. We want to move there, but will need to wait for a job - perhaps 2-3 years. Do we need to seek a B2L mortgage? Would it be possible to take a domestic mortgage with Secure Trust Bank, even though we won't be moving in straight away? Alternatively could we reside there for half a year, then start renting it with consent to let from Secure Trust Bank? I'm only evaluating suggestions that are entirely legal, and wouldn't breach the provisions of the mortgage with Secure Trust Bank.
- I have a normal mortgage coming up for renewal with Secure Trust Bank. I have had the property let out for two years and I think I should have disclosed this to Secure Trust Bank. I understand that it is possible to request consent to lease, but given that the property has previously been let out could they deny - force me to switch a BTL rate and issue a penalty? I have over 50% equity in the property - and the rent will more than cover the mortgage.
- I have a residential home. I would like remortgage with Secure Trust Bank and seek consent to let. I'm still within the Early Redemption Charge period so not sure if I will be liable to pay that?
- I am considering moving in with my partner but would rather not to sell my flat. What is the process for requesting consent to let from Secure Trust Bank, and what are the chances that this will be obtained?
- Just looking for some advice. I currently have a mortgage in place with Secure Trust Bank. I have been given approval to sublet my flat from the managing agents and they asked if I have consent to from Secure Trust Bank.
- I am looking to get consent to let with my Secure Trust Bank residential mortgage. It is a mid terraced house. Do Secure Trust Bank grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming null and void. 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 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
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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