Need Help?
Need professional advice for your consent to let with St James Place Bank? 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 St James Place consent to let
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Jennifer (my wife) and I may need to rent out our Haringey home temporarily due to a new job. This will be temporary but perhaps for 6 years. Do I inform St James Place or do I remain silent?
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Have any of your clients had experience applying for Consent to Leasefor12 months from St James Place or whether you know how such consent is granted.
- I understand the GGT consequences of switching a St James Place mortgage to consent to let, but what about the ongoing rental revenue vs expenses? Say I changed my former owned ground floor flat into CTL and moved out and pay rent elsewhere. Is there any way to expense the rent I am paying from the rental income?
- Please explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I have had very few viewings. This is probably due to an ongoing feud with the guy next door. I was obliged to mention this on the disclosure sheet. I am with St James Place on a standard variable rate. It has been suggested to me that I should obtain consent to let by St James Place and let the flat for a year or two.
- My fiance and I invested in buying a place in Kenton with St James Place and am moving to rent a property in Devon due to work. Is consent to let from St James Placeavailable? I am only looking to lease out the flat for half a year before selling.
- I will have to move to Miami for two years, I have a house with a St James Place mortgage. Do I need to obtain consent to let? Will they be obliging?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with St James Place to allow us to get a mortgage also with St James Place for a new home?
- 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 St James Place would allow it at the outset?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above St James Place 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
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 restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 St James Place your property may be repossessed