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.
Common questions relating to State Bank of India UK consent to lease
- Where a landlord opts to rent out their property in the absence of consent to let by State Bank of India UK - what, if any implication could there be for an agent acting for the landlord?
- We are hoping to make use of equity in my existing house to purchase another property which I intend to live in whilst I refurbish. My preference is to let out my first property with the State Bank of India UK loan. How likely is it that I will obtain consent to let? House is worth £300 k with a £125k mortgage in place.
- I have found myself in the accidental landlord situation and failed to inform State Bank of India UK. I had to leave my flat for work purposes, so am now based in another part of the country. At first I tried to sell the flat, but prices were depressed, resulting in negative equity. This was three years ago in 2012, the value has increased and has allowed me time to save. I am in now in a position where I can now switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert State Bank of India UK that I have been letting without consent to let? I appreciate that I shouldn’t have done what I did, but circumstances forced my hand. Any help will be greatly appreciated?
- We intend to let our existing flat out shortly after we find a new house. I will apply for consent to let from State Bank of India UK. At the moment the apartment is in my name but I am a top rate tax payer. Is it best to do a equity transfer to her or should I enter into a Declaration of Trust?
- I have to send the consent to let application by courier and need to know if State Bank of India UK have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box addresses.
- I am looking to get consent to let on my Haringey flat from State Bank of India UK. I will be going abroad for a period of time so wish to know if I am able to rent out my apartment
- I have a mortgage with State Bank of India UK but would like to let my house out and move in with my girlfriend and baby what is required to obtain consent to let?
- Soon to remortgage my property but I will potentially moving out in the next year and would be looking to let it out. What would I need to do to get consent to let from State Bank of India UK?
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Important warnings to consider in in addition to 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 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
Leasehold properties
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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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