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Need professional advice for your consent to let with JPMorgan Chase Bank, N.A.? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to JPMorgan consent to lease
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My fixed rate mortgage is coming up for reissuing with JPMorgan. I have had the property rented out for a two years and I now realise that I need to notifyJPMorgan. I understand that I should seek consent to lease, but since the property has already been let out for a considerable time could they deny - require that I go onto a BTL product and even fine me? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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I was thinking of renting out my cottage and generate some income whilst on vacation. It only a short term option for ten days. Will consent to let be needed from JPMorgan?
- I have let out my garden flat in Waltham Forest for the previous two years, and I had not appreciated that I required consent to let. I now want to rectify this. Would this be an issue?
- I have had a home loan with JPMorgan for 1999. I got divorced two years ago put the property in my name by transfer of equity. My circumstances have changed, I wish to retain my house but live with my new partner, letting my house out. It has been suggested by my IFA that I can seek consent to let by JPMorgan instead of a BTL mortgage as I I did not buy the property in the first place in order to let, is this right?
- What is the longest period that JPMorgan is willing to issue Consent To Let for?
- My marital situation has changed, and I would like to let my property out - meaning consent to let- I have about £140K loan with JPMorgan and currently 85k equity I need to avoid the early repayment fees.
- My husband and I have a consent to let letter that I have obtained from my management company. I presume I need to attaching this with a letter to JPMorgan with a view to getting a consent to let from them. What address shall I post it to?
- Will I need consent to let from JPMorgan if I am planning to occupy the property myself for half of the year? Furthermore if I obtain consent to let for a limited time, say up to two years, what happens after that.
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Important warnings to consider in supporting the above JPMorgan 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with JPMorgan your property may be repossessed