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Need professional advice for your consent to let with JPMorgan Chase Bank, N.A.? 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: JPMorgan consent to let
- After retiring in 2014 I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our kids and I have consequently contacted JPMorgan for consent to let. I was just seeking a general view on whether JPMorgan currently allows it?
- We are looking to rent out our three bedroom second floor purpose built flat in Havering in March. I would like some guidance on what I need to do. I've just moved our JPMorgan mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- We are planning to lease out my property for 12 months from 12th July next year. Is there a standard format for a letter I can use to send to JPMorgan to apply for consent to let.
- Last Summer I vacated my house in a rush and let out the property. I am aware I ought to have obtained consent to let from JPMorgan but was not sure what my plans were and it slipped my mind to get consent. I find myself in circumstances where I wish to sell that property and transfer the JPMorgan loan to a new flat. I am struggling to find a way through without leaving myself at the behest of JPMorgan for not obtaining consent to let. When porting, at the time of repaying the mortgage, you must say you intend to "port the rate" and endure a new set of affordability checks. While I have no difficulties with my financial standing, the credit check may reveal I don't live there any more.
- I am seeking from JPMorgan consent to let out my flat in Bromley. I am putting in hand arrangements to move in with my grandmother as I am off work due to ill health.
- I am considering renting my property will JPMorgan bill me for a consent to let letter?
- I may potentially need consent to let from JPMorgan in the future with work. I am just checking what the options would be if this was the case. Is there a limit on the length one can let out your property with consent?
- I want to get consent to let from JPMorgan for a few years at which point I hope to switch to a B2L. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above JPMorgan 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
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
If you do not keep up the payments on your mortgage with JPMorgan your property may be repossessed