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.
Recently asked questions relating to St James Place consent to lease
- If I was to rent out my 2 bed flat with consent to let by St James Place, what evidence would be required of the letting? If after twelve months I decided to let it on a series of short term rental, am I still required to supply proof to St James Place, or will they be content provided i keep up with the payments? E.G. if I rent the rooms out individually at some point in the future, is there any reason for St James Place to know and would they care?
- Much to my surprise I have been offered a once in a lifetime job opportunity for eight months in Denmark. I have enough money to cover the monthly St James Place mortgage yet the block insurance stipulates continuous residency in order to be valid. Last December the roof had some leaks that were repaired. If there happened to be any problems during the winter months I would struggle to cover the remedial works. Would I be eligible for consent to let by St James Place for a limited period?
- My mortgage is with St James Place and wonder if I am duty bound to notify them if we no longer reside in the property. I fear that they could increase the interest rate if we move and find a tenant but it's far from obvious what the increase would be. Should I decide to let my property out and seek consent to let how would the payments increase?
- Need some information regarding renting a property and consent to let. I plan to move in with my partner. The council would like to rent my flat for five year commitment with rent being paid and maintenance. The flat was purchased with a mortgage by St James Place. Please advice
- If we ask for a consent to let letter from St James Place will we be made to switch to buy to let mortgage? We are with St James Place and as properties are not currently selling but we have seen one we like we were considering letting our home out in order to buy the new and dispose of this one when the local market picks up.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with St James Place. My property is worth approx £200k and owe £85k on it. Do you think St James Place increase my mortgage rate?
- Are you aware of any discretion in the accepted equity amount before switching from an existing St James Place mortgage to a consent to let?
- I have fixed rate mortgage with St James Place. I am going have to let out my property due to necessity. Were I to seek consent to let, will I have to pay a lot more interest?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above St James Place consent to let Info
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed 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