Need Help?
Need professional advice for your consent to let with Santander? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Need professional advice for your consent to let with Santander? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I'm about to apply to Santander to obtain consent to let out my property in Santander. However the property has been on with agents for 6 weeks but there is no interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. What position would Santander take if I have the house on the market?
Are any options available to me if my application to obtain consent to lease is subsequently refused by Santander?
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.
One thing to remember when arranging a consent to let mortgage with Santander is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to inform 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.