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.
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.
Just wondered if State Bank of India UK invoke a right to change the rates on a regular mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
Exciting times as my partner and I will move back to New Zealandin Month, perhaps short-term but it could be longer term. I'm in the process of writing to State Bank of India UK for consent to let out my property (we have already found tenants). The mortgage has been in place with State Bank of India UK for 5 years and no payments have ever been missed. State Bank of India UK inform me, that even if they do agree, that this will be limited for a period of twelve months. And then what?
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.
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 may trigger your insurance becoming invalid. 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
Should the tenure of your property be 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.