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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We have a St James Place home loan and are have made overpayments to bring the loan amount down, both employed etc. Can you tell me how much it will cost and if St James Place usually grant consent to let without transferring to a different deal?
- I have a property in Newham with a St James Place mortgage but I no longer reside there. My dad moved in but is there rent free. I currently live in rented premises and am looking to buy a house. I have found a dream property at an attractive price. I have enough of a deposit to use on the house I am interested in but would be a financial strain to pay enough off the old property to change it to a BTL mortgage simultaneously. Can I switch the current St James Place mortgage for my old apartment into a consent to let and use my savings to pay a larger deposit for the homeowner mortgage on the property that I am looking to purchase?
- Is it possible? The property has a mortgage against it with St James Place (with a large chunk of equity). I want to purchase and live in a second house but keep my old house and rent it out. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I acquired a one bed flat in Croydon in 2008 and remortgaged with St James Place on a rate which expires in the later this year. If I go abroad and want to let out my property what would I need to do to get consent to let and what are the consequences?
- I am looking to St James Place to issue me with consent to let out my basement flat in Havering. I am moving to India for 8 months for work.
- I already have a mortgage with St James Place, but I am going to move out for approximately 12 months as we need to be nearer to my wife’s father. Will St James Place grant consent to let?
- Our St James Place mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- I have fixed rate mortgage with St James Place. I am going have to lease out my flat due to necessity. If I seek consent to let, will I have to pay significantly more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 inform them could result in 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place