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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
- I am about to contact my lender JPMorgan setting out the following reasoning for me asking for consent to let ; "I am struggling paying the mortgage and thinking about a to move back with my parents but can't sell. I am worried by failing to make payments and have thought about giving back the keys. If I had consent to let this will likely solve matters." What are the chances that this will result in a positive response?
- My twin is intent on letting his flat out on the QT without consent to let via his mortgage provider JPMorgan. He has been on an interest only mortgage for about 8 years now. Currently owes £112k, having purchased the apartment for around £110k. If he lets the flat out privately, exactly what sanctions is he likely to face?
- I am planning to apply for consent to let from my existing mortgage lender JPMorgan. A colleague of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- Twenty years ago I was granted permission by the local council and my lender JPMorgan to convert a small barn into a granny annex, conditional on it not being sold separately from my property. My parents died some years ago and I would now like to rent it out with consent to let from JPMorgan. Do you think this will be possible?
- I would like to send the consent to let application by courier and need to know if JPMorgan have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box addresses.
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Waltham Forest. How likely are we to be given consent to let by JPMorgan without being forced into a new rate.
- I am looking to get consent to let with my JPMorgan residential mortgage. It is a detached house. Will JPMorgan grant consent on this basis? Or would it be regarded as an HMO?
- Please could you clarify what the process would be if we bought a second home and need to obtain consent to let for our existing mortgage with JPMorgan
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Caveats to be read in supporting the above JPMorgan 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
One thing to remember when arranging a consent to let mortgage with JPMorgan is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 JPMorgan