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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.
JPMorgan consent to let: Q and A’s
- Can you explain "consent to let" to me? I live in a 1 bed apartment and its in good condition. It has been on with agents for two months and I can't find a buyer. This is probably due to an longstanding feud with the guy next door. I was obliged to mention this on the disclosure form. I am with JPMorgan on a fixed rate. It has been suggested to me that I should seek consent to let by JPMorgan and lease the property for a year or two.
- My property recently got consent to let on a standard loan with JPMorgan with aim of moving to a B2L rate when the fixed rate expires in a few months' time, so I'm not sure if this complications to the issue! Any insight much appreciated.
- My wife and I took a loan out on a garden flat in August however I will be working outside of commuting distance of Barnet in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do intend to return to Barnet so would like to keep it. How likely are JPMorgan to allow a consent to let and what are the financial implications ?
- I have been in the Royal Air Force for three years and planning to purchase a home with a JPMorgan mortgage. I would like to obtain consent to let the property to my parents. In years to come I would live in the property myself when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- I currently have a mortgage with JPMorgan, but I will soon to need move out for around a year as we need to be closer to my partner's mum. Will JPMorgan issue consent to let?
- I don't currently have consent to let by JPMorgan but I would like to apply, An opportunity has arisen which might involve me working away for eighteen months. But want to keep my home for when I come back - can you assist?
- We have a mortgage with JPMorgan at the moment and just enquiring about the processes of getting a 'consent to let'
- I took a residential mortgage with JPMorgan, and I would like to let the property out, until I decide whether to sell or keep it as an investment. As things stand I am on the standard variable rate. Will I need to remortgage? I.E. BTL?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under 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