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.
Top Five Questions relating to Santander consent to lease
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We've been renting my wife's old house out with "consent to let" from Santander on a residential mortgage for the previous 24 months. Santander have now advised that they are retracting their consent to let unless we swap to one of their "buy to let" mortgages.
- I have a Santander home loan and am keen for consent to let as I wish to move to another home that I own. It would appear that you can assist. How do your fees work for this service?
- What information do Santander need to to determine whether to grant consent to let. I am on a 2 year fix with them. I have always paid the mortgage on time. I am looking at moving to the countryside due to the family getting bigger. My financial situation has not changed and in fact my salary has gone up thirty per cent since the mortgage started.
- My cousin and his girlfriend currently lodge with me at my apartment. Next Summer I would like to move out of the flat and in with my partner. How likely is it that I will be able to get consent to let from Santander after only having the mortgage for less than half a year?
- Do you specifically address enquiries regarding Santander or all of them?
- What is the longest period that Santander is willing to issue Consent To Let for?
- This is not a question specific to Santander but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- My husband and I have a owner-occupier mortgage with Santander and are considering obtaining consent to let so that we can apply for a further mortgage on another property that I own on a buy to let basis. Before we apply I would like to know the implications of making the change and any facts that we need to consider.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Santander consent to let Questions and Answers
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
Failure 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
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 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
Failure 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.
If you do not keep up the payments on your mortgage with Santander your property may be repossessed