Need Help?
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.
Sample questions relating to Santander consent to let
- I wish to buy a second house having recently purchased a studio flat on residential mortgage. Looking to purchase next year. I am told that I may need consent to let from Santander, my existing mortgage provider? What is the best way to manage this and gain the permission needed.
- We may be presented with an opportunity to work in a different office in the UK for a few months and wish to know if we can let our existing flat. It is a two year fixed rate and we are three months into the mortgage with Santander. We have lived at the property for nearly four years. The LTV is 80%. Are we likely to get consent to let from Santander? What can we expect in fees etc
- I rented my house out for three years from 2009-2012 while employed overseas. I have a letter dated March 2010 from the lender granting consent to let. In the letter it explicitly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not satisfy the new lender Santander for the house I intend to purchase.Can this be right
- I would like the consent to let forms for Santander please I couldn't find it on the net.
- If I am tied into a fixed rate with Santander but am deliberating on letting out my property, is there a cost for consent to let from Santander and does the interest rate increase?
- I might be looking to let out my property and wondered what I would need to do to negotiate consent to let by Santander. I may be emigrating permanently.
- I recently acquired a one bedroom second floor purpose built maisonette in Lewisham. I am first time buyer. I am moving Belfast next month, can I get consent to let from my lender Santander or do I have to wait six months?
- Is consent to let required from Santander if I am intending to live in the apartment myself for part of the year? Also if I obtain consent to let for a period of time, say up to 2 years, what happens thereafter.
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Information to consider in supporting the above Santander 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
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 conditions are not complied with you may be in breach of 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Santander your property may be repossessed