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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.
Common questions relating to Sainsburys Bank consent to lease
- I'm purchasing a studio flat in Camden. I am only looking to be there for a year, and subsequently move into a bigger home. Rather than sell the prior property I'd like to rent it out so that it becomes an investment. Do you know if Sainsburys Bank would grant consent to let after six months?
- Please explain "consent to let" to me? I live in a studio flat and its in good condition. It is on the market and I have had very few viewings. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to put this on the disclosure sheet. Mortgage is with Sainsburys Bank on a standard variable rate. It has been suggested to me that I should obtain consent to let by Sainsburys Bank and rent the flat for a year or two.
- I was planning to phone Sainsburys Bank to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if if you could direct me to a site where I could download this form on the net?
- Is it possible that lenders (I have a mortgage with Sainsburys Bank) have changed tune and are now taking a more relaxed approach towards consent to let? A mortgage adviser recently told me that BTL mortgages are not regulated by the FCA whereas residential mortgages are. So if I move from a residential to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which may explain why some lenders will permit borrowers obtain consent to let but not move to a Buy to let mortgage. Is this plausible?
- Do I need to wait for consent to let to be given on my existing residential mortgage with Sainsburys Bank before applying for a resi mortgage on a new property?
- I am trying to investigate if it is possible to get a consent to let home loan with Sainsburys Bank rather than a buy to let mortgage
- Is consent to let a less costly way of renting out your property? Isn't this a loophole for some people to exploit?
- I have a homeowner homeloan with Sainsburys Bank. I purchased the property in March two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Sainsburys Bank consent to let Info
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 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
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Sainsburys Bank