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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.
Top Five Questions relating to State Bank of India UK consent to lease
- I'm looking to remortgage my two bedroom second floor purpose built flat, currently rented with consent to let from State Bank of India UK, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist broker for this and I am not really au fait with what is on offer in this area. Can you offer any advice on a good broker service specialising in BTL?
- My plan is to let my garden flat out from the end of June this year as I will be going for a few months. I have a homeowner mortgage with State Bank of India UK. I will not be letting for more than 6 months. Most likely it will be five months. I have been told to seek consent from my freeholder first? Please can you suggest what I should be doing in what order?
- A colleague recently sought CTL from the Woolwich which they refused because the mortgage had not been in place for six months. I am about to request consent to let from State Bank of India UK. Do they take the same approach?
- I wish to be informed of what the policy is for State Bank of India UK for consent to let. I have heard contradictory suggestions in relation to charges and rates. I need to relocate for career reasons but I don't want to sell the house due to a difficult market.
- What are the circumstances under which State Bank of India UK would decline a consent to let application?
- I have a mortgage with State Bank of India UK but am informed they have a stipulation that they do not issue consent to let the property to a housing association. Is this right and if so, is there a method to bypass this?
- I have a leasehold flat. I would like remortgage with State Bank of India UK and seek consent to let. I'm still inside the Early Redemption Charge period so not sure if I will be liable to pay that?
- I am currently in the process of getting a mortgage through State Bank of India UK - I foresee that in the coming months I may decide to rent the property out - how would I swap the homeowner mortgage to a BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above State Bank of India UK consent to let information
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 could result in your insurance becoming null and void. 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 terms are not adhered to 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