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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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My husband and I bought a flat in 2011 for 230,00 with St James Place. My husband’s job requires him to relocate to Cyprus and realise that I need to obtain consent to let from St James Place. Will they grant consent?
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I have a standard mortgage over my home in loc and am due to relocate to country for three years. During this time it makes financial sense to let out my house. My lender has declined to grant me consent to let. I wish to avoid taking out a buy to let loan as it’s only for a short period that I am going away for.
- What is the difference between consent to let and changing to a buy to let mortgage? Also is the property subject to Capital Gains Tax if sold?
- Me and my girlfriend are about to purchase a property together. Plan is for me to get consent to let my property from St James Place. Thinking further ahead - when my two year fixed period expires - how would it work if I wanted to refinance my flat?
- I was just wondering if St James Place would grant consent to let and what kind of fees, penalties and new rates etc
- 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 studio flat out if I move in with her?
- I would like to know if I have a domestic mortgage with St James Place and decide to lease it out, does the rate get loaded and are there any supplemental charges for seeking consent to let.
- Seven weeks ago I completed my homeloan with St James Place since when my boyfriend has proposed and we are deciding whether to live in his house or my property. Would I be issued consent to let if I decided to move in with him
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read 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
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 inform 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
If your property is 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 violation of 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 commencing legal proceedings 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