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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
- I am planning to email my lender State Bank of India UK explaining the following reasoning for me asking for consent to let ; "I am having difficulties with the monthly mortgage amount and wish to move back with my parents but can't sell. I wish to avoid failing to make payments and have considered giving back the property to you. If you granted consent to let that may solve matters." What are the chances that this will convince them to grant me consent to let?
- I am looking for some feedback as to whether consent to let from State Bank of India UK is the right approach. I acquired my house six months ago by porting a State Bank of India UK mortgage product. My fixed term came to an end two months ago I'm thinking about moving in with a new partner. I don't want to sell my house yet as I have no idea as to whether the new move will work out. I just wanted an idea of whether a consent to let from State Bank of India UK would be possible?
- I have an annex that my father has vacated. As my property is large I was considering moving into the annex and lease the remainder out. This is also due to change in my personal situation. Would I need a consent to let from State Bank of India UK?
- I recently got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our three bed flat in Wandsworth we currently live in to rent out. Mortgage on the flat is with State Bank of India UK. I don't want to put myself in a situation with two residential properties and then be refused consent to let.
- We have already been told to write a letter to State Bank of India UK to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- I own a house in Southwark. I would like remortgage with State Bank of India UK and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if it would trigger the penalty payment?
- Assuming that I was successful in obtaining consent to let from State Bank of India UK, could I sell during the consent period? Is it possible that I would incur any penalties?
- I am interested in consent to let for my property mortgaged with State Bank of India UK. How do I move forward? Do I have to call State Bank of India UK and get them to agree?
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Information to consider in further to 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
One thing to remember when arranging a consent to let mortgage with State Bank of India UK is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with State Bank of India UK your property may be repossessed