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.
Questions and Answers: Sainsburys Bank consent to let
-
Jennifer (my wife) and I may need to let our Wandsworth home temporarily due to a new job. This will be short-term but perhaps for 2 years. Should I tell Sainsburys Bank or should I just keep quiet?
-
Always on the look out for a money making scheme I am contemplating leasing out my apartment and generate some income while I am on vacation. It will only likely be for a month. Will consent to let be needed from Sainsburys Bank?
- I am a couple of years up in my 5 years fixed rate mortgage and intend to take a job abroad so would like to let my home for 2 years. My L2V is about 60%. Are you able to clarify if Sainsburys Bank will charge me more interest for consent to let for the period that the property is tenanted?
- I am planning to apply for consent to let from my current mortgage provider Sainsburys Bank. A colleague of mine said that he was granted ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- I want to take in lodgers for my studio flat in Bromley which I live in. My mortgage is with Sainsburys Bank. Will they grant consent to let?
- Would I be able to remortgage to Sainsburys Bank from my current provider, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- Prospective tenants are about to rent my property and I have mortgage offer from Sainsburys Bank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I want to apply for consent to let from my lender Sainsburys Bank to rent out my property. I was thinking of moving in with mypartner. Can you tell me if Sainsburys Bank give consent to let in these circumstances?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Sainsburys Bank consent to let information
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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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