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.
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.
Exciting times as my better half and I will move back to Tokyoin Month, possibly short-term but potentially longer term. We have just applied to St James Place to obtain consent to let out our home in St James Place. I have been with St James Place for 6 years and the account is up to date with no current arrears. St James Place say, that even if they grant consent to let, that this will be limited for one year. Do I then need to reapply?
Finding myself in a catch 22 with a Consent to Let mortgage. Reacting to my requisition for consent to let the lender has asked me to provide them with an executed Assured Shorthold Tenancy prior to issuing consent. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
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.
One thing to remember when arranging a consent to let mortgage with St James Place is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.