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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.
Santander consent to let: Q and A’s
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We just obtained consent to let from Santander. After some effort, Santander have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I have a Santander mortgage on a flat I own, in Redbridge. Last month, resulting from a change in my circumstances I decided to let out the flat, and rent another property in a different area within same loc. The state of affairs that changed is that my partner moved in, and the flat is too small for us. I would rather not dispose of the flat because the current market value is significantly lower than the market value when I purchased the property in 2007. I wrote to Santander for a consent to let which was turned down because they determined that my intention was to invest in the flat. Any guidance would be greatly appreciated, as i am at the end of my tether. The matter is urgentbecause there is already a prospective tenant waiting for this consent to let and may pull out.I look forward to hearing from you
- Me and my fiance may be given an opportunity to work in a different office in the UK for a few months and would like to know if we can lease out our existing property. It is a 2 year fixed rate and we are four months into the mortgage with Santander. We have lived at the property for more than five years. Our LTV is 65%. What are the chances of obtaining consent to let from Santander? What can we expect in fees etc
- We have a fixed rate mortgage with Santander for 2 yrs and have been living in the flat for just under half a year. Due a job opportunity abroad I need to vacate so I would like to rent the place out. How can I get consent to let from Santander?
- I am interested in discovering more about the Santander consent to let procedure and conditions for granting.
- I am trying to find out Santander fees for conversion to consent to let from a fixed rate residential mortgage?
- I recently purchased a house with 10% deposit for personal reasons. A homeloan was taken with Santander. But my circumstances have now changed. I am being transferred overseas. Am I able to obtain consent to let from Santander and put the property up for rent?
- Me and my fiance and I have three months to left on a 2 year residential mortgage with Santander but now rent the flat out. Can I assume they will simply charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Santander consent to let Advice
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
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 regular 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
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 restrictions are not strictly observed you may be in breach of 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Santander