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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 have just been on the phone to State Bank of India UK who have advised me that they have figured out that I have been letting out the garden flat even though it is on a resi mortgage. I moved out three years ago for work reasons, couldn't sell and was left with little choice to let out the property. Are you able to advise me on the ramifications will be for me not obtaining consent to let?
- I got a homeowner mortgage with State Bank of India UK last December and then had to relocate due to my job, I am now looking to letting my apartment out on a short term basis whilst I am away. What are my chances of obtaining consent to let from State Bank of India UK, and what effect would this have?
- We are currently in NYC and letting out our flat in the UK. This was unplanned but an opportunity arose and we took it. The rental income is insufficient to cover the mortgage so we send back money each month to cover the difference. Yesterday I got a letter in the mail from our lender informing me that as the property is being let out and has been for almost four years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will not be easy as I am so far away. Would it be possible to remortgage with State Bank of India UK and get consent to let?
- I'm one year into a two year fixed mortgage with State Bank of India UK. The LTV is just 50%. I've found a really good deal on a studio flat in Harrow which I would not want to miss. It appears that the only way I can get this other property is to take out some good chunk of equity. I would let the existing home which would more than cover the mortgage with State Bank of India UK. Can I get a consent to let from State Bank of India UK and ask for additional borrowing after it's rented?
- Just curious as to whether it is possible if you own one property with consent to let from State Bank of India UK, to purchase another with a domestic mortgage to live in. Then once the consent runs out on the first property, to convert to buy to let or sell it?
- This is not a question specific to State Bank of India UK but do lenders usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I have recently got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with State Bank of India UK to allow us to get a mortgage also with State Bank of India UK for a new home?
- We are considering a remortgage and also thinking of renting the property in the years to come - Is there a charge with State Bank of India UK to procure consent to let and what are the criteria?
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Information to consider in supplemental the above State Bank of India UK consent to let Advice
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
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
Should the tenure of your property be 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 violation 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.
If you do not keep up the payments on your mortgage with State Bank of India UK your property may be repossessed