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
- How likely are Sainsburys Bank in granting Consent To Let on a studio flat? Agents have had it on the market for three weeks. I need to sell but I'm anxious that given the lack of interest I will have to get a tenant in to cover the mortgage to Sainsburys Bank (I do not now reside there). I would prefer to come clean with Sainsburys Bank than keep them in the dark but I am concerned as to how understanding they will be.
- I would like to rent out my existing house as I wish to buy a larger house for the family. I have a two year fixed mortgage with Sainsburys Bank. Provided I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after a couple of years with another lender? What consequences does that have apart from the higher rates - would I need a higher equity portion in the property too ie lower ltv?
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We have an existing mortgage with Sainsburys Bank and wish to clarify if it would be possible to seek consent to let out our one bedroom apartment in Sutton.
The purpose for wanting to find tenants for the property are as follows: -
- My wife and I will be moving to Cape Town next spring.
- By letting out the property this will facilitate savings to assist with the migration process.
- There is little merit from a fiscal perspective to discharge the mortgage for a property which we are not living and by letting out the property this would be viewed as continuing investment.
If Sainsburys Bank agreed that we are able to proceed with renting we would propose some financial commitments to include: -
- Maintain paying the monthly mortgage payment directly from my bank account.
- Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding address for when we move.
- We are planning to lease out my property for a year from 12th August next year. Is there conventional wording for a letter I can use to send to Sainsburys Bank to apply for consent to let.
- I am looking for information on the requirements that Sainsburys Bank set for consent to let? Can you help?
- When it comes to consent to let from Sainsburys Bank am I obliged to advise them every time we get a new tenant and forward them a copy of the AST?
- I already have a mortgage with Sainsburys Bank, but I am going to move out for around a year as we need to be nearer to my wife’s mum and dad. Will Sainsburys Bank give consent to let?
- We have a standard variable rate mortgage with Sainsburys Bank and are deliberating on obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Ahead of applying We would be interested to know the repercussions if any of making the change and any facts that we need to consider.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Sainsburys Bank consent to let Advice
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 Sainsburys Bank