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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
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I have a regular mortgage over my home in loc with the intention of relocating overseas to country for two years. During this time frame it would be ideal if I could let out my flat. My lender has declined to grant me consent to let. I wish to avoid taking out a buy to let loan as it’s only for a short period that I am going away for.
- Me and my brother are joint proprietors of a flat in Wandsworth with a JPMorgan mortgage. I am looking to move out and buy a house with my fiancee. How should I deal with finding a tenant for my room? Would I need consent to let from JPMorgan. My brother will continue to live in the property
- For a variety of reasons I am planning to move in with my girlfriend next week and I have let my property out to two students on a one year AST. The application for consent to let from JPMorgan is in hand but what if they refuse. I can’t rescind on my contract in terms of backing out of renting the students as the paperwork is finalised. On the flip-side JPMorgan could sue me for breach of a condition i.e. renting it out without consent to let.
- I am planning to apply for consent to let from my current mortgage provider JPMorgan. A colleague of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- My husband and I have a JPMorgan home loan currently and may wish to let it out temporarily with consent from JPMorgan for (eighteen months). Is this possible?
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way JPMorgan would grant consent to let from the start?
- My partner and I took out a mortgage with JPMorgan a few months ago and although it's only a possibility we may have to relocate around next September or October and would like to be able to let our property out. Is this possible with a homeowner mortgage?
- Do you have the address to which a Consent to Let request to be sent for JPMorgan? Sorry about bothering you with this query.
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Caveats to be read in further to 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
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
If your property is leasehold, the lease may prohibit 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with JPMorgan