Need Help?
Need professional advice for your consent to let with St James Place Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
St James Place Consent to Lease Example Support Desk Enquires
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Do I need consent to let from St James Place or can I let my property without telling St James Place and being forced to switch to a B2L mortgage?
- I've got an existing mortgage with St James Place for almost 2 years and the fixed rate is about to expire. We are considering extracting equity out of our existing property to allow us to acquire a bigger house and then rent out the current ground floor flat. We have had initial advice that we ought to get a new domestic mortgage allowing for consent to let - can you explain what this is?
- I'm looking to apply to St James Place for consent to let on our current residential property in Barnet. I am looking to draw down equity from my existing property ahead of this, and using that money to acquire a new residential property. I will live in that property whilst renovating it for six months at which point I plan to sell it then move back to my existing house. Is this something St James Place will consider consent to let for or is that out of their criteria?
- Me and my husband are in a tricky mortgage scenario in the last couple of month. We have to lease our house with consent to let and move to a different location due to schooling. We now rent a property. We are finding it very difficult to find a better mortgage deal for our consent to let home. Is there is a list available as to which lenders grant consent to let and what their conditions are?
- My OH and I have already been told to write a letter to St James Place to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I am thinking of renting my property will St James Place bill me for a consent to let letter?
- Do I need to wait for consent to let to be granted on my current domestic mortgage with St James Place before applying for a resi mortgage on a new property?
- Do I require consent to let if I rent to a family member (in my situation my Dad now lives there and contributes towards the St James Place mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above St James Place consent to let Info
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 could trigger your insurance becoming null and void. 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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place