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Need professional advice for your consent to let with Secure Trust Bank PLC? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Secure Trust Bank consent to lease
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I'm about to ask Secure Trust Bank to obtain consent to let out my house in Secure Trust Bank. However the property has been on with agents for few weeks but there without a sniff of interest and paying a full mortgage, council tax and insurance on unoccupied house is a financial drain. What position would Secure Trust Bank take if I market the property?
- I am a couple of years up in a 5 years fixed rate mortgage and planning to take an overseas job so would like to let my property for a couple of years. My equity is in the region of 50%. My question is if Secure Trust Bank will load the interest rate for consent to let for the period that the property is tenanted?
- I have a garden flat in Hillingdon which I inherited seven years ago and which I have since remortgaged with Secure Trust Bank on a fixed rate which ends next June. If I want to lease out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when applying for consent to let?
- I have been leasing my flat to a tenant for two years but not on a BTL mortgage because I naively considered that you only needed a buy to let if you had more than one property. In trying to purchase a second property, I discovered that I should have obtained consent to let all along from my mortgage provider Secure Trust Bank. I'm curious as to whether I can now ask Secure Trust Bank for a consent to let?
- Is it possible to negotiate a consent to let from Secure Trust Bank if I have an existing mortgage which has been in place for twelve years?
- I may be looking to lease out my property and wondered what I would need to do to negotiate consent to let by Secure Trust Bank. There is a possibility that I might be moving abroad for a year.
- Last month I completed my mortgage with Secure Trust Bank since when my boyfriend has proposed and we are deciding whether to live in his house or mine. Would I be issued consent to let if I were to move into his property
- I need to lease out my flat to be nearer to my daughter's uni and look after of my mother. Do I need consent to let from my lender Secure Trust Bank?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Secure Trust Bank 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Secure Trust Bank your property may be repossessed