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.
Examples of recent questions relating to St James Place consent to let
- I will shortly be moving to Australia. Rather than sell my house, I would like to rent it out, just in case things don’t go as expected. My present mortgage is with St James Place. If I applied for a refinance would a new provider view this as me trying to dodge a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence turn down my request for Consent to Let?
- My partner and I are currently 1 year into a year fixed rate mortgage with St James Place. We would like to purchase a more substantial second property in the coming months however would like to keep the first home and I was enquiring as to what reason we could put down on the consent to let form to get their approval
- I have a residential loan with St James Place. I wanted to purchase a second house and my mortgage broker advised me to apply for a consent to let. I had formerly led to believe they would only accept the consent to let where it is my intention to go back to my current property. Your view would be appreciated?
- We are currently in Melbourne and renting out our property in Newham. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we send back money each month to cover the difference. Yesterday I got a letter in the mail from our lender telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be difficult as I am on the other side of the world. Could we remortgage with St James Place and get consent to let?
- I have a homeowner mortgage with St James Place and require consent to let. What are the criteria and requirements that I need to be aware of in order to obtain consent?
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from St James Place and let my three bedroom second floor purpose built maisonette out if I move in with her?
- St James Place - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I am fixing my homeowner mortgage with St James Place but as a result of my job I may have to go abroad for a couple of years. Will St James Place allow and grant consent to let and there be any penalty
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above St James Place consent to let information
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
Failure 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 provisions in the lease may prevent 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place