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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What do I do if my request for consent to let is subsequently refused by St James Place?
- I previously got consent to let from St James Place in 2013 but failed to need it and have since remortgaged to a new bank. I recently sought for consent to let. I was told it would be authorised since I met the criteria. I have now got a letter advising me that I need to supply evidence from the DWP confirming that that are aware of my current situation before they can provide consent. They said this is policy but I have not been able to find these conditions on their site. I did complain about the inference that I might intend to continue to claim help with interest from the DWP whilst receiving rental on the property. They apologised and offered to deposit £40 in my account . However i still am unable to locate this term and condition and i feel this is otherwise inappropriate I want to let my property as a way of releasing me from redress to social benefits not in order to discontinue claiming
- I would like to let my garden flat out from the end of June next year as I will be travelling for a few months. I have a homeowner mortgage with St James Place. I will not be letting for more than six months. Most likely it will be four months. I have been told to get consent from my freeholder first? Please can you suggest what I should be doing in what order?
- We intend to let our studio flat out. We have made an offer on another property for us to buy and a tenant at the ready to move into ours. I assume I have to ask our mortgage provider St James Place for consent to let. I wonder if there is a standard consent to let request letter I can use?
- We are looking to place my house on rent due to job commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with St James Place until 2018 December
- I may be looking to lease out my property and wondered what I would need to do to negotiate consent to let by St James Place. I may be moving abroad for six months.
- About to remortgage my home but will likely be moving out in the near future and would be looking to rent it out. How quickly can you get consent to let from St James Place?
- What happens if I have already rented out the property for some years as an HMO and now wish to go legit with St James Place by obtaining consent to let ? (assume St James Place had in the past granted a residential mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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 result in 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 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 violation 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