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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.
Recently asked questions relating to State Bank of India UK consent to lease
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Just wondered if State Bank of India UK invoke a right to change the rates on a regular mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
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Exciting times as my partner and I will move back to New Zealandin Month, perhaps short-term but it could be longer term. I'm in the process of writing to State Bank of India UK for consent to let out my property (we have already found tenants). The mortgage has been in place with State Bank of India UK for 5 years and no payments have ever been missed. State Bank of India UK inform me, that even if they do agree, that this will be limited for a period of twelve months. And then what?
- I am planning to write to my lender State Bank of India UK setting out the following reasoning for me asking for consent to let ; "I am having difficulties paying the monthly mortgage amount and want to move back with my parents but can't sell. I am very concerned by failing to make payments and have considered returning the keys. If you issued consent to let this will likely solve things." What are the chances that this will convince them to grant me consent to let?
- In 2003 I was given consent by the local authority and my lender State Bank of India UK to convert a small barn into a granny annex, conditional on it not being disposed of separately from my property. My parents passed away some years ago and I would now like to rent it out with consent to let from State Bank of India UK. Do you think this will be possible?
- I have a standard mortgage with State Bank of India UK - about 28% equity. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could lease out the property?
- I am after further information in relation to consent to let home loans, potentially moving our existing mortgage with State Bank of India UK over to a consent to let one.
- I was just enquiring how to obtain consent to let from State Bank of India UK...do I phone them or write a letter to them?
- I would like to lease out my home to be nearer to my son’s uni and take care of my mother. What do I need for the application of consent to let from State Bank of India UK?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above State Bank of India UK 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
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 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
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 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 State Bank of India UK