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.
St James Place Consent to Lease Example Support Desk Enquires
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We purchased a mews house in 2013 for just under 200,000 with St James Place. I got married to someone in the forces so moved in to married quarters in Cyprus and realise that I need to obtain consent to let from St James Place. Do you have any experience of consent to lease from St James Place?
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Are any options available to me if my request to obtain consent to lease is subsequently refused by St James Place?
- Are you able to tell me what St James Place charge for consent to let out part of my 2 bed flat? Any advice would be appreciated.
- I'm nine months into a two year fixed mortgage with St James Place. The LTV is just 40%. I've found a really good deal on a studio flat in Barnet which I don't want to miss. It seems the only way to purchase the other property is to take out some good chunk of equity. I would let the existing property which would more than cover the homeloan with St James Place. Is it possible to obtain consent to let from St James Place and and then seek an equity release after it's let out?
- I am trying to find out St James Place fees for conversion to consent to let from a fixed rate residential mortgage?
- Me and my brother have had my mortgage with St James Place since 2004 with no arrear If I sought consent to let would it be granted?
- I have a normal mortgage with St James Place which is only six weeks in but I have been moved abroad with work. Is it possible to obtain consent to let from St James Place for a mortgage that has only just commenced and I have just purchased the property?
- We have an cottage in our garden. Do we need consent to let this from St James Place? If so, what is the process if I wish to transfer the mortgage to consent to let?
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 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 notify 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
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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place