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.
Common questions relating to St James Place consent to lease
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Me and my husband have a St James Place home loan and are are not in arrears, in gainful employment etc. Do you know how much the fees are and if St James Place usually grant consent to let without porting the loan to a new mortgage product?
- We may be presented with an opportunity to work in a different office in the UK for a few months and wish to know if we can rent our existing flat. It is a two year fixed rate and we are six months into the mortgage with St James Place. We have lived at the property for over five years. The LTV is 70%. What are the chances of obtaining consent to let from St James Place? What charges can we expect to pay etc
- I'm looking to apply to St James Place for consent to let on my existing residential property in Bexley. I am planning to release equity from my existing home ahead of this, and using that money to acquire a further residential property. I will live in that property whilst renovating it for six months at which point the intention is to sell it then move back to my current house. Is this something St James Place will consider consent to let for or is that out of their criteria?
- I have a two year fixed rate mortgage with St James Place which began in January. I will be moving out in January and have students ready to lease my flat. I need to get a letter from St James Place granting consent to let until my term is up to allow me to start a new mortgage. What is the process for going about this?
- I have a mortgage with St James Place on a two year fixed term contract. I could have an opportunity for a teaching post in Belgium in 6 months time. Am I eligible for consent to let via St James Place if I took this job overseas?
- Last month I acquired a apartment using a St James Place mortgage. However I am presently living with parents. I don't want to move in until August 2017 due to personal reasons. In interim can I rent out the property with consent to let?
- We would like to obtain consent to let on a house where we have a mortgage with St James Place. If issued, how long would consent be given for? In seeking consent to let from St James Place are we running the risk of them forcing us to change deal to buy to let
- About to remortgage my flat but will likely be moving out in the near future and would be looking to lease it out. Do St James Place give a consent to let letter?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above St James Place consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
If you do not keep up the payments on your mortgage with St James Place your property may be repossessed