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.
Sample questions relating to Santander consent to let
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I have been asked by my proposed tenants for sight of my ‘consent to let’ from Santander, my bank. Why would they ask for this
- I have recently let out my one bedroom first floor purpose built flat and have gained a Consent to Let with my MP. Six months have now gone by and they have loaded my interest rate as forewarned. I cannot port to a preferable product with them, as they will withdraw my consent to let. If I was to go with an alternative mortgage provider for example Santander, would I need to obtain a Buy To Let mortgage or could I simply remortgage and ask for further consent to let?
- Following retirement in June I purchased a “retirement home” for my wife and myself to move to. We would like to let our current property to our kids and I have therefore applied to Santander for consent to let. I was just seeking a general view on whether Santander currently allows it?
- Our existing house in Tower Hamlets has nearly £80K equity with a mortgage with Santander. It's a nice family house in a popular location and I think it would rent well. We are possibly moving for my husband's work and were thinking of holding onto the house on as a rental property - would we need to change the mortgage to a buy to let product or should we seek consent to let from Santander?
- I would like to send the consent to let form by courier and need to know if Santander have a regular postal address I can use as couriers ordinarily don’t accept deliveries to PO Box addresses.
- This is not a question specific to Santander but do lenders generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I might be looking to lease out my property and wondered what I would need to do to get consent to let from Santander. I may be moving abroad for nine months.
- Are you able to advise me how much the fees are and if Santander ordinarily give consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Santander consent to let Questions and Answers
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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Santander your property may be repossessed