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Need professional advice for your consent to let with State Bank of India UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to State Bank of India UK consent to let
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I have a standard mortgage over my property in loc and am due to relocate to country for a couple of years. During this period I want to let out my apartment. My mortgage provider has declined to grant me consent to let. I don’t really want a buy to let loan as it’s only for a short period that I am going away for.
- I have a one bedroom first floor purpose built flat but I am rarely there, exploring the possibility of renting it out. My mortgage is with State Bank of India UK, would I have to move onto a new mortgage rate or ought I try to get consent to let?
- I wish to purchase a second property having recently purchased a one bedroom apartment on residential mortgage. Planning to purchase next year. I have been advised that I may require consent to let from State Bank of India UK, my existing mortgage provider? What is the best way to manage this and gain the permission needed.
- My partner and I (joint owner) are in the process of transferring our mortgage to State Bank of India UK. I was conducting some research concerning consent to let from State Bank of India UK to understand the rules around potentially renting our existing flat out (probably in a year or 2) if we moved away. The property in question was a first-time purchase for us about 2 years ago. We are living there now.
- We are applying to change mortgage provider to State Bank of India UK for a fixed rate but the likelihood is that I would need to rent the house out for just under 12 months. Do State Bank of India UK consent to let on fixed rate mortgages and if so, what are the procedures.
- I wishing to obtain consent to let for my property as I am moving out for 6 months currently fixed State Bank of India UK mortgage with three years which is up in April next year.
- I am trying to find out if State Bank of India UK will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Will I need consent to let from State Bank of India UK if I am planning to reside in the house myself for part of the year? Furthermore if I receive consent to let for a limited time, say up to 2 years, what happens after that.
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Caveats to be read in conjunction with the above State Bank of India UK consent to let Questions and Answers
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 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 terms are not adhered to 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with State Bank of India UK