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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.
Top Five Questions relating to Secure Trust Bank consent to lease
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Within the next few days I intend to contact Secure Trust Bank to obtain consent to let out my property in Secure Trust Bank. However I have put the house on the market but there are no takers and forking out for a full mortgage, council tax and insurance on vacant house is draining me financially. How are Secure Trust Bank going to react if I market the property?
- I am looking to get a consent to let from Secure Trust Bank as my personal situation has altered. My stepdaughter was starting university and I felt we would move nearby and opted to buy a house rather than spend the money on renting. Since buying the house I have fallen out with my step daughter and she is unwilling to live in it. Since the whole point was for her and the house location is not particularly ideal for my work I would like to move out and let the property
- In the coming months I wish to move home and I am wondering if I can get consent to let on my property then get a mortgage approval for the new house so I can put in an offer without being part of a chain and then let my property out once I move. Will my lender Secure Trust Bank grant consent to let for 12 months if they know I am looking to buy somewhere else or only where one is relocating short term with work?
- I accept that I have been most reckless in not informing Secure Trust Bank that I’m leasing my three bed flat out. The latest tenants have left the place in a state and I need to claim on malicious damage. I’m afraid that my insurer will contact Secure Trust Bank, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- My personal situation has changed, and I wish to rent my home out - meaning consent to let- I have about £175K loan with Secure Trust Bank and currently 85k equity I need to side-step the early repayment fees.
- I am interested in some guidance on how best to approach my mortgage company Secure Trust Bank regarding a 'Consent-to-Let' application. Is this something you can assist me with ?
- I am looking to get consent to let with my Secure Trust Bank residential mortgage. It is a mid terraced house. Do Secure Trust Bank grant consent on this basis? Or would it be regarded as an HMO?
- Do you know if there is usually a required LTV before Secure Trust Bank will grant consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Secure Trust Bank consent to let Advice
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
Where 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
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 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.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with Secure Trust Bank your property may be repossessed