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.
Frequently asked questions relating to Santander consent to lease
- In what situations will consent to let for a property be granted from Santander? For what period of time do you have to have had the mortgage before consent to let can be granted by Santander? In order to give you some perspective I am a young doctor in a home bought a few months ago. My dream job offer involving relocation to a different city on a permanent basis has arisen. I am interested in obtaining consent to let initially to be able to renting the property out to offset the costs of the Santander mortgage.
- Nine months ago my lender (not Santander) granted me with consent to let. This was subject to a provision that every 6 months they would add a charge of half a percent of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been revoked.
- I vacated my flat about seven months ago but didn't get around to get a consent to let letter, primarily because the mortgage fix rate period is ending in six weeks and I am considering refinancing in any event. I want to ask for consent now, is that going to be problematic?
- I purchased my 2 bed flat in Islington ten months ago and have a three year fixed rate mortgage with Santander. Looking to move in with my partner within the next 6 months and wish to rent my property. Just want to know the process.
- Were we to request a consent to let letter from Santander will we be forced to switch to buy to let mortgage? Our mortgage is with Santander and as houses are not currently selling but we have seen one we like we were leasing our home out in order to acquire the new and dispose of this one when the value picks up.
- Hello, what documents or paperwork would Santander require for a consent to let letter?
- I took a domestic mortgage with Santander, and I would like to lease the house out, until I decide whether to sell or retain it as an investment. As things stand I am on the fixed rate. Will I need to remortgage? I.E. buy to let?
- I have just recently bought my flat and took out a mortgage with Santander but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Santander consent to let information
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
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
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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Santander