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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.
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.
I am a first time buyer hoping to complete on a terraced house in Secure Trust Bank. I have a significant deposit with a mortgage from Secure Trust Bank. My concern is that my fiancee has a apartment in Slough and I hope to be moving in next year, when I would want to let out my property. I understand that consent to let is required but it does not sound like there is any certainty. Is there any advice you can impart?
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.
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to advise 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.