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.
Examples of recent questions relating to Sainsburys Bank consent to let
- I have a residential loan with Sainsburys Bank. I wanted to buy a further house and my financial adviser recommended I apply for a consent to let. As far as I am aware they only accept the consent to let where it is my intention to move back into my current property. Have I been given the right information?
- I have a flat in Lewisham with a Sainsburys Bank mortgage but I no longer live there. My dad moved in but is there rent free. I currently live in rented accommodation and am keen to purchase a house. I have found a perfect property at reasonable price. I have sufficient for a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to change it to a BTL loan simultaneously. Can I change the current Sainsburys Bank mortgage for my old property into a consent to let and use my reserves to pay a larger deposit for the residential mortgage on the property that I want to buy?
- Me and my husband are soon to send the remaining information to our broker for them to proceed with our mortgage application to purchase our first property together. My husband has another flat in 1999 which he co-owns with his brother. That flat has been tenanted without any consent to let from Sainsburys Bank. So, back to our application - our broker requested info on the Sainsburys Bank mortgage. If we come clean about the lack of consent to let from Sainsburys Bank will it adversely impact the chances of getting a mortgage?
- We took a home loan out on a one bedroom apartment in December however I will be working outside of commuting distance of Croydon in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do plan to return to Croydon so would like to keep it. How difficult is it to get consent to let from Sainsburys Bank and how do I go about it ?
- My Sainsburys Bank mortgage fixed rate ends in June and have to move with work soon after. What are the chances that I will be able to both refinance and gain consent to let?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Hillingdon. How likely are we to be given consent to let by Sainsburys Bank without being forced onto a BTL product.
- We took out a mortgage with Sainsburys Bank a few months ago and although it's still early days we may have to relocate around next Summer and would like to be able to rent our property out. Would this be possible with a residential mortgage?
- I'm looking to find out more about consent to let from Sainsburys Bank. Would a valid reason be issues with neighbours and the property is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further 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
Where 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 inform them could 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
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 taking legal action 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