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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.
State Bank of India UK consent to let: Q and A’s
- I am 3 years up in a 5 years fixed term mortgage and planning to take an overseas job so would like to rent out my property for a couple of years. My LV is about 50%. My question is if State Bank of India UK will increase my interest for consent to let for a couple of years?
- I have a two bedroom ground floor purpose built flat in Newham let out which has a fifty year lease. Mortgage broker suggested I should refinance (currently with State Bank of India UK) as a buy to let rather than consent to let and release 55-60k which on top of a new homeloan based on income multiples would give me a budget of £200k. Limited available in Brent for me to buy my own house. A lease extension will cost 21k. Should I keep or sell the flat?
- We have a self certified mortgage with State Bank of India UK that we are having difficulty obtaining consent to let due to being in Dubai and leasing the apartment such a long time ago without their approval which we did not know was required. We have a <45% LVR and have been making overpayments of £500pm for 6 years so there are no arrears. We are willing to change onto a BTL mortgage with State Bank of India UK at a bumped up rate however we haven't been given that as an option.
- I am in the Royal Navy and am looking to purchase a house using a State Bank of India UK mortgage. I would like to get consent to let the house to my mother and father in law. In the future I plan to reside in the property with my family when my military career comes to an end. Will I need to apply to my Commanding Officer to request permission to rent it out?
- I wish to apply for consent to let from my mortgage provider State Bank of India UK to lease out my property. This is due to me relocating. Do State Bank of India UK grant consent to let in this scenario?
- Was wondering how to obtain a consent to let from State Bank of India UK who I have a mortgage with. There is a remaining balance of 57k. The value of house is 110k. Property is in my name but my wife and I would like to purchase a three bedroom first floor purpose built flat in Enfield we have seen together. How do we go about this?
- I am currently refinancing and investigating the flexibility of certain mortgage providers when it comes to consent to let. State Bank of India UK is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
- I am interested in consent to let for my home mortgaged with State Bank of India UK. How do I move forward? Do I have to contact State Bank of India UK and get them to agree?
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General Advice to read in conjunction with the above State Bank of India UK consent to let Advice
Tax and Legal
There are numerous potential 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 regular 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
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 terms are not adhered to 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 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