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.
Sample questions relating to St James Place consent to let
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My partner and I intend to relocate to Perthin Month, initially short-term but potentially longer term. I'm in the process of writing to St James Place for consent to let out the home in St James Place. I have had a mortgage with St James Place for 7 years and the account is up to date with no current arrears. St James Place inform me, that even if they consent to the letting, that this will be limited for a single year. And then what?
- I have been granted consent to let via St James Place for some time now yet they now wish to speak with me and I expect their motivation will be to get rid of me. Do you have any suggestions as what I can do next?
- I have a three bedroom leasehold flat with a St James Place mortgage and have a lodger in the one of the room. I am about to take a job in a different city and will rent there. My lodger doesn't want to leave so is willing to pay an increased rent. Must I apply for consent to let from St James Place?
- For a couple of years now I have had a mortgage with my fiance on our house which is up for renewal 13th December. I am having to relocate to Birmingham for my Job in November. What are the chances of being able to switch to a consent to let mortgage with St James Place?
- We are soon to change mortgage provider to St James Place for a fixed rate but the likelihood is that I will need to rent the house out for just under one year. Do St James Place consent to let on fixed rate home loans and if so, what are the procedures.
- Can I remortgage to St James Place from my current lender, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- My work commitments are changing and this could result in mebe in different places a lot and as such I wish to understand the process for seeking consent to let with St James Place
- What are the implication if a borrower has already let the property for a number of years as an HMO and now want to go legit with St James Place by obtaining consent to let ? (assume St James Place had already issued a homeowner mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above St James Place consent to let Info
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
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 may 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place