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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.
Questions and Answers: State Bank of India UK consent to let
- In what circumstances will consent to let for a property be granted by State Bank of India UK? How long do you have to have had owned the property before consent to let can be obtained from State Bank of India UK? In order to give you some history we are moving abroad for a year and a half with my wife’s work and will need to rent our house. I am interested in getting a consent to let initially to be able to renting the property out to offset the costs of the State Bank of India UK mortgage.
- I'm looking to acquire a garden flat in Tower Hamlets. I am only looking to be there for under a year, and then move into a bigger property. Rather than sell the first apartment my preference would be to let it out so that it form part of my investment portfolio. Do you know if State Bank of India UK would give consent to let in such a situation?
- I have a residential loan with State Bank of India UK. I wish to purchase a second house and my mortgage broker recommended I apply for a consent to let. I had formerly led to believe they will only grant consent to let if I have the intention to move back into my current home. Did I get the right advice?
- My wife and I reside in a property where there exists numerous vacant bedrooms. We are deliberating the idea of creating an holiday let type business to rent half the home out on a short term arrangement. Are you aware if this is likely to be permitted in accordance with State Bank of India UK’s standard 'consent to let' process?
- What is the longest period that State Bank of India UK is willing to grant me the Consent To Let for?
- State Bank of India UK residential mortgage. Will they issue consent to let a house for 2 years? I plan to return as an owner.
- I am deliberating on renting my property will State Bank of India UK charge me for a consent to let letter?
- Is it possible to refinance with State Bank of India UK with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
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Caveats to be read in in addition to the above State Bank of India UK consent to let Questions and Answers
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
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 could result in 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent 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
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with State Bank of India UK