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.
Frequently asked questions relating to Sainsburys Bank consent to lease
-
We've been renting my wife's old house out with "consent to let" from Sainsburys Bank on a residential mortgage for the previous 24 months. Sainsburys Bank have now advised that they are revoking consent to let unless we switch to one of their "buy to let" products.
- I am looking to move and let out my maisonette in Hounslow. Having bought it in June 2007 and currently on a high ltv there is little equity in it. My mortgage is with Sainsburys Bank. Do you know where Sainsburys Bank stand when it comes to consent to let?
- I own a property that's presently under shared ownership (My share is 50per cent) and I bought it in Aug 2014. I plan to go through the full purchase of the house. My partner and I have also got a second house that we are hoping to buy. Mortgage in principle has been issued by Sainsburys Bank. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of purchasing the new home
- Were I to take out a new mortgage with Sainsburys Bank how long do I have to wait for consent to let without changing from a 1st time buyer mortgage?
- I'd like to know if on the balance of probabilities Sainsburys Bank will grant consent to let out our home in Camden
- My husband and I are trying to find out which lenders are best for giving consent-to-let without raising rates, and hopefully allowing more than two years where required. Is that something you can help with? We are particularly interested in Sainsburys Bank
- I want to take in in a lodger for my two bedroom second floor purpose built maisonette in Tower Hamlets which I live in. My mortgage is with Sainsburys Bank. Will they grant consent to let?
- We wish to move home and have found a house we wish to purchase so are considering renting out with consent to let from Sainsburys Bank for our existing property to allow us to make an offer and not miss out on the potential new house.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Sainsburys Bank 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
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 trigger your insurance becoming null and void. 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Sainsburys Bank your property may be repossessed