Need Help?
Need professional advice for your consent to let with Sainsburys Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Sainsburys Bank consent to lease
- I have a garden flat in Waltham Forest let out which has a seventy year lease. Mortgage adviser suggested I should remortgage (currently with Sainsburys Bank) as a buy to let rather than consent to let and release 45-55k which on top of a new homeloan based on my income would give me a budget of £210k. Not much about in Brent for me to get my own place. A lease extension will cost 19k. Should I keep or sell the flat?
- I have been reckless in failing to inform Sainsburys Bank that I’m renting my one bed flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Sainsburys Bank, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Am I obliged to inform Sainsburys Bank of my intention to take in a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking separate advice on the insurance, legal and tax ramifications.
- We are planning to let my flat for a year from 5th September 2016. Is there a template letter I can use to send to Sainsburys Bank to apply for consent to let.
- I have a mortgage with Sainsburys Bank on a three year fixed term contract. I may have an opportunity for a teaching position overseas next year. Would I qualify for consent to let from Sainsburys Bank were I to accept this opportunity abroad?
- My fixed rate loan with Sainsburys Bank ends in January and have to move with work soon after. Will I be able to both refinance and get consent to let?
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Hillingdon. What are the chances of being given consent to let by Sainsburys Bank without being forced onto a BTL product.
- My partner and I would like to obtain consent to let on a house where we have a mortgage with Sainsburys Bank. If granted, how long would consent be given for? In seeking consent to let from Sainsburys Bank are we running the risk of them forcing us to change deal to buy to let
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Information to consider in supplemental the above Sainsburys Bank 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
Failure 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 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 breach of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Sainsburys Bank your property may be repossessed