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.
Top Five Questions relating to St James Place consent to lease
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I’d appreciate your advice if you have had experience applying for Consent to Leasefora year from St James Place or if you know how such approval is given.
- I have a home loan with St James Place on a flat and I wish to rent it out and rent an alternative property as a result of changes in personal circumstances - I want to move to a new area, and to live in a larger house with my partner. I sought consent to let and yesterday got reply with a refusal as they determined that I want to invest. I dont know what my options are. I find myself at risk since I already have rented a new house and would have to pay both the St James Place mortgage and rent payments, which could put me at financial risk. The matter needs to be resolved soon because a potential tenant is waiting
- I would like to rent out my existing property as I wish to acquire a bigger house for the family. I have a mortgage with St James Place. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I refinance after a couple of years with an alternative lender? What connotations does that have apart from the higher rates - would I need a higher equity ratio in the property too ie lower ltv?
- I recently got married and my wife and I would like to buy a family home in the coming year, whilst keeping our garden flat in Newham we currently live in to rent out. Mortgage on the flat is with St James Place. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- When it comes to consent to let from St James Place am I supposed to tell them every time we get a new tenant and send them a duplicate of the AST?
- Afternoon? I am just curious whether St James Place offer consent to let as an option should I decided to rent out my home under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- I have a question I'd like to ask...if consent to let is given by St James Place would it usually stipulate a time limit, such as 6 or 12 months?
- Do you know whether St James Place will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would St James Place let me raise capital based on the rental revenue ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above St James Place consent to let information
Tax and Legal
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.
Insurance
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
Leasehold properties
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 trigger 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 St James Place your property may be repossessed