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.
Questions and Answers: St James Place consent to let
- My flat has a mortgage against it with St James Place and I have been letting out the property omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage contract. They may have suspicions that I am not residing there. What are the legal connotations of my failure to gain consent to let?
- I would like to move house and I am curious as to whether I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid thus being chain free and then let my property out when I move. Is it likely that St James Place grant consent to let for six months if they know I am wanting to buy a further property or only where one is relocating temporarily for my job?
- Much to my surprise I have been offered a once in a lifetime career opportunity for 6 months in New York. I do have sufficient savings to pay the monthly St James Place mortgage yet the buildings insurance stipulates continuous residency in order not to be invalidated. Last Christmas the roof was damaged but repaired. Should there be any problems in the winter months I would struggle to cover the remedial works. Would I be eligible for consent to let via St James Place for the period I am abroad?
- I rented my house out for three years between 2010-2013 while working overseas. I have a letter dated June 2010 from the lender granting consent to let. In the letter it explicitly states that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my IFA has suggested that the 2010 consent to let letter may not satisfy the new lender St James Place for the house I wish to purchase.Can this be right
- Were I to let my house out with consent to let from St James Place will there be any rate difference? I am presently on a standard variable rate.
- My OH and I have a fixed rate mortgage with St James Place and are deliberating on obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Ahead of applying it would be helpful to know the ramifications of making the change and any facts that we need to be aware of.
- I am trying to find out if St James Place will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I am hoping to fix my residential mortgage with St James Place but as a result of my job I may have to go abroad for few years. Will St James Place allow and grant consent to let and will any penalties be applied in such a situation
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above St James Place consent to let Questions and Answers
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
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
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 breach of your covenants under the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place