Need Help?
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.
Common questions relating to JPMorgan consent to lease
- A few months ago I let out my maisonette having been given Consent to Let with my mortgage provider. Half a year has now gone by and they have increased my mortgage rate as previously advised. I am unable to swap to a more favourable product with them, as they will withdraw my consent to let. Were I to go with an alternative mortgage lender such as JPMorgan, would I be required to apply for a BTL mortgage or could I simply refinance and obtain consent to let?
- I refinanced with JPMorgan recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a 2nd property as my main home and lease the old property out with consent to let. Is that likely to be problematic?
- My plan is to let my one bedroom apartment out from the end of Nov this year as I will be travelling for a few months. I have a domestic mortgage with JPMorgan. I will not be letting for more than six months. Most likely it will be four months. I have been told to get permission from my freeholder first? Please can you suggest what I should be doing in what order?
- Last Summer I vacated my property in a rush and rented out the property. I am aware I should have obtained consent to let from JPMorgan but was uncertain as to what my plans were and just forgot about it. I find myself in a situation where I need to sell that property and port the JPMorgan mortgage to a new property. I can't see a way through without leaving myself at the behest of JPMorgan for not seeking consent to let. When porting, at the time of discharging the mortgage, you must declare your intention to "port the rate" and endure fresh set of affordability checks. Although I do not envisage issues with my financial standing, the credit check may indicate I no longer resident at the address.
- I would like to let my house which is on a standard variable rate mortgage with JPMorgan. What do JPMorgan require for me to do to get consent to let?
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger property. Will it be possible to get a consent to let on my new mortgage with JPMorgan to allow us to get a mortgage also with JPMorgan for a new home?
- My fixed rate loan with JPMorgan ends in August and have to move with work soon after. What are the chances that I will be able to both remortgage and gain consent to let?
- I have a mortgage with JPMorgan taken four months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from JPMorgan as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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 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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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