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Need professional advice for your consent to let with Santander? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Santander consent to let: Q and A’s
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Is it possible to remortgage on a consent to lease with Santander?
- I am interested to know how challenging it would be to obtain consent to let with Santander. I am considering fixed deals and intend to reside there but want to understand my options for example - if a job elsewhere was attractive or for a year overseas.. Please let me know how challenging it is in your experience with Santander?
- Do the letting agents we rented through have a a legal obligation to have checked that the landlord attained consent to let from Santander?
- I have a self contained flat attached to my house that my dad has vacated. As my property is large I was thinking to move into the annex and let the remainder out. This is also due to change of circumstances. Would I require consent to let from Santander?
- My Santander mortgage fixed rate expires in September and have to move with work then. What are the chances that I will be able to both remortgage and get consent to let?
- Can you explain the process for obtaining consent to let from Santander? Is there specific requirements like you must have owned the property for a year before its given?
- Three months ago I purchased a house with a Santander mortgage. However I am currently living with mother and father. I don't want to move in until for nine months due to personal reasons. In interim can I rent out the property with consent to let?
- What are the implication if I have already leased out the property for some years as an HMO and now wish to legalise the situation with Santander by obtaining consent to let ? (work on the basis that Santander had previously issued a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Santander consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Santander is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 Santander