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 want to rent out my existing property as I wish to purchase a larger house for the family. I have a two year fixed mortgage with State Bank of India UK. On the basis I get the consent to let as I understand lenders are more than likely to push me towards getting BTL mortgage when the fixed term comes to an end. Could I remortgage after two years with another lender? Will it have to be buy to let mortgage and not a residential mortgage?
- My lawyers have served eviction orders on a tenant who had not paid rent. The relevant claims have been issued. The tenant's defense for non payment is built on the claim that I lack consent to let my ground floor flat from my lender State Bank of India UK
- I let my apartment last June and didn't tell State Bank of India UK. I have a five year residential mortgage (healthy equity in it, no arrears) and want to let State Bank of India UK know and get consent to let for the final 24 months of my mortgage . Not sure what to do.
- Is it correct that lenders (I have a mortgage with State Bank of India UK) have changed tune and are now adopting a more relaxed approach towards consent to let? A broker suggested that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I move from a standard to a BTL I am moving to a regulated product. His belief was that under the current regulation lenders are reluctant to allow customers do this, which is likely why some lenders will allow borrowers obtain consent to let but not transfer to a Buy to let mortgage. Is this an accurate assessment?
- Were I to let my house out with consent to let from State Bank of India UK will there be any rate difference? I am presently on a standard variable rate.
- As a result of work opportunities I will be moving to Belfast and would like to let out my flat temporarily, are you able to confirm what action I need to take in order to get consent to let from State Bank of India UK?
- I took a mortgage with State Bank of India UK but am told they have a stipulation that they refuse to issue consent to let the property to a housing association. Is this right and if so, can you suggest a way round this?
- We are considering a remortgage offer with State Bank of India UK and it's likely I will end up asking for consent to let during the fixed period. Are there any fees I should consider?
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Information to consider in in addition 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Neglecting to advise 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