Need Help?
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.
Frequently asked questions relating to Secure Trust Bank consent to lease
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Have any of your clients had experience applying for Consent to Letfora year from Secure Trust Bank or whether you have any tops as to how such approval is given.
- I am contacting you on behalf of a colleague who has a mortgage with Secure Trust Bank. He asked me to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job abroad away for a two year contract and was thinking about letting the flat out while he is away.
- Is it permissible to rent out our property in the absence of consent to let from our mortgage provider? I recognise that initially we signed a declaration stating it wouldn't be a buy to let property and that we don't own other property. I know you can't use H2B if you owned other property at the time, but what about property thereafter? Can you acquire a further property, or inherit a property?
- I have an annex that my mother is planning to move out from. As my property is large I was thinking to move into the annex and rent the rest out. This is also due to change in my personal situation. Would I need a consent to let from Secure Trust Bank?
- At the moment I do not have consent to let by Secure Trust Bank but I would like to apply, I am looking at working away for two years. But want to keep my house for when I come back - are you able to assist?
- Last month I completed my mortgage with Secure Trust Bank since when my boyfriend has proposed and we are deciding whether to reside in his house or mine. Would I be allowed consent to let if I decided to move in with him
- Is consent to let required from Secure Trust Bank if I am planning to live in the house myself for part of the year? In addition if I obtain consent to let for a period of time, say up to 2 years, what happens thereafter.
- I have fixed rate mortgage with Secure Trust Bank. I may have to let out my property due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
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Caveats to be read in conjunction with 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 trigger 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 provisions in the lease may prevent 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 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 Secure Trust Bank your property may be repossessed