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
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I have a homeowner mortgage over my property in loc and am due to relocate to country for three years. During this time frame it makes financial sense to rent out my house. My bank has declined to grant me consent to let. I don’t really want a buy to let loan as it’s only for a short period that I am going away for.
- Is it possible to let out our house in the absence of consent to let from our mortgage provider? I appreciate that initially we signed a form stating it wouldn't be a buy to let property and that we are not the owners of other property. I know you can't use help to buy if you owned other property at the time, but what about property after the event? Can one acquire a further property, receive a gifted property?
- My fiance and I might have to let out her apartment, and I have a question concerning getting permission to do so. I know I need to notify State Bank of India UK and get a consent to let or move to a buy to let product. But the property is leasehold, so do we need consent to let from the management company?
- We are expecting any day now a mortgage offer from State Bank of India UK for a leasehold property. I have applied via a broker. It is a 20 year mortgage. I wonder what is the main criteria State Bank of India UK adopt in order to grant borrowers consent to let? Is consent to let based on the rental yield of a property?
- Were we to ask for a consent to let letter from State Bank of India UK will we be required to convert to buy to let mortgage? We are with State Bank of India UK and as houses are not selling at the mo and we have seen one we like we were going to rent our home out in order to buy the new and dispose of this one when the local market picks up.
- I wishing to obtain consent to let for my house as I am moving out for six months currently fixed State Bank of India UK mortgage with three years which is due on April next year.
- Are you aware of any leeway in the accepted equity amount before transferring from a current State Bank of India UK mortgage to a consent to let?
- Will I need consent to let from State Bank of India UK if I am intending to live in the property myself for three months of the year? Also if I receive consent to let for a limited time, say up to twelve months, what happens after that.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 commencing legal proceedings 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