Need Help?
Need professional advice for your consent to let with Sainsburys Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Sainsburys Bank consent to lease
- Me and my husband are planning to purchase a garden flat with 10% deposit with the aim of living there. Somewhat fortuitously the in-laws are arranging to move to Spain for a couple of years so we plan to move into theirSouthwark bungalow to "housesit". If we were to proceed with a residential mortgage with Sainsburys Bank would there be any issues with negotiating consent to let ?
- Existing apartment valued at £250k. Outstanding home loan of £20k with half a dozen years left. Seek consent to let from Sainsburys Bank for current property and utilise rent to pay off what is left of mortgage. Take out 70 per cent Sainsburys Bank mortgage on second premises that becomes my main home? Can this be done?
- I have just been presented with an excellent career opportunity for 6 months abroad. I have enough savings to meet the monthly Sainsburys Bank mortgage however the block insurance requires continuous residency in order not to be invalidated. Last winter the roof had some leaks that were repaired. If there happened to be any problems in the winter months I would struggle to afford repair costs. Would I be eligible for consent to let via Sainsburys Bank for the time I am abroad?
- Am I obliged to notify Sainsburys Bank of my intention to rent a room out to a lodger. I have two spare rooms that could be used by lodgers and I was thinking that as the occupancy remains in keeping with that of the 'family' use of the property it might not require consent to let. Can you help clarify? I am taking independent advice on the insurance, legal and tax ramifications.
- I am deliberating on renting my house will Sainsburys Bank invoice me for a consent to let letter?
- Please can you set out the process for gaining consent to let from Sainsburys Bank? Is there specific requirements for example you have to have owned the property for a year before its given?
- Last month bought a garden flat in Southwark. I am first time buyer. I am moving Paris next month, can I get consent to let from my lender Sainsburys Bank or do need to wait for at least 6 months?
- I have just recently purchased my property and took out a mortgage with Sainsburys Bank but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
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General Advice to read in in addition to the above Sainsburys Bank 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
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 lease may prohibit 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Sainsburys Bank