Need Help?
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.
Examples of recent questions relating to State Bank of India UK consent to let
- I'm just looking here for a my cousin as he’s at work who has a mortgage with State Bank of India UK. He asked me to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job 200 miles away away for 2 years and was thinking about leasing the apartment out while he is away.
- We currently have a 5 year fixed term home loan with State Bank of India UK that we're about eleven months into. Our circumstances have now altered and we would like to rent out our property for a while and whilst we relocate to Lewisham. How do we minimise the possibility of State Bank of India UK refusing to grant consent to let.
- Our current house in Lewisham has nearly £80K equity with a home loan with State Bank of India UK. It's a nice family house in a popular location and I think it would rent easily. We are possibly moving for my partner’s work and were thinking of keeping this house on as a rental property - would we need to change the loan to a buy to let product or should we request consent to let by State Bank of India UK?
- I am an existing State Bank of India UK mortgage borrower looking for consent to let on my present property. We would like to buy in close proximity to where we are based with the Royal Navy,... but we may have to relocate.
- I'd like to know if State Bank of India UK are likely to give consent to us letting out our house in Westminster
- My lender wont issue consent to let without a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I am not sure but I think my friend had a similar issue with State Bank of India UK.
- Do you know if State Bank of India UK would have an internal record as to whether consent to let was granted for a specific property?
- I are considering applying to State Bank of India UK to obtain consent to let our property, how long does it take from the point of submitting the application to us finding a letting agent and listing our house for rent? and are there any additional steps in the process?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above State Bank of India UK consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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