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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.
JPMorgan consent to let: Q and A’s
- Are you able to providing me some more detail on the consent to let process. I am thinking about taking a JPMorgan mortgage on a £140,000 property in six months time. The intention is to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our circumstances were to change the property would either be sold or rented.
- I have a house in Redbridge but I am moving with my girlfriend to a different city for career reasons and moreover close to her university. Im keen retain the house but not sure I can afford a BTL rate. It will only be short term -three years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with JPMorgan. Do you think they will grant consent to let?
- My husband and I bought a apartment in Newcastle and will be moving to Kent at the end of the month. I have a letting agency and tenant lined up. I was proposing to keep quiet as I'm afraid JPMorgan will say I have to change my mortgage rate over to a buy to let and am unable to afford that. I would like to obtain a consent to let via JPMorgan but am afraid if I come clean it would result in no end of issues
- Last week I got a DIP from JPMorgan for a mid terraced house. I have applied via a broker. It is a 20 year mortgage. I wonder what is the main criteria JPMorgan adopt in order to grant customers consent to let? Is consent to let based on the rental amount for a property?
- I am require from JPMorgan consent to let out my property in Sutton. I am planning to move in with my mother as I am off work due to ill health.
- I have had my mortgage with JPMorgan for the previous twenty months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- Just wanted to know what needs to be provided to JPMorgan in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another house with my girlfriend.
- I recently acquired a ground floor flat in Camden. I am a FTB. I am moving Ireland next month, can I get consent to let from my lender JPMorgan or do need to wait for at least 6 months?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above JPMorgan consent to let information
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
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 notify them may 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
If your property is leasehold, the lease may prohibit 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with JPMorgan