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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.
Recently asked questions relating to St James Place consent to lease
- My property recently got consent to let on a normal loan with St James Place with aim of switching to a B2L rate when the fixed term ends within the six months, so I'm uncertain if this complications to the issue! Any guidance gratefully appreciated.
- I let my apartment in the summer and didn't tell St James Place. I have a three year domestic mortgage (healthy equity in it, never defaulted) and want to let St James Place know and get consent to let for the final 24 months of my mortgage . I am unsure how to go about this.
- How much does it cost to get consent to let via St James Place and is there a minimum amount of time I should have had the mortgage for?
- To what extent do the letting agents we rented through have a duty of care to have checked that the landlord got consent to let from St James Place?
- I was just curious as to whether St James Place would grant consent to let and what kind of charges, penalties and rate increase etc
- I was just looking into consent to let as it's something potentially I would need from St James Place inside the next year. Our family circumstances has changed, and I wish to let my home out
- I have a mortgage with St James Place on a two year fixed rate. I may have an opportunity for a teaching post overseas next July. Would I qualify for consent to let from St James Place if I took this job abroad?
- We are close to purchasing a flat and plan to live in it once we have renovated but we may need to let the property out but not clear on what the rules are on consent to let from St James Place? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
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
Where 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 may trigger your insurance becoming invalid. 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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with St James Place