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Need professional advice for your consent to let with Secure Trust Bank PLC? 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 Secure Trust Bank consent to lease
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I plan to get in touch with Secure Trust Bank for consent to let out my home in Secure Trust Bank. However I have put the house on the market but there without a sniff of interest and paying a full mortgage, council tax and insurance on vacant house is a financial drain. How are Secure Trust Bank going to react if I have the house on the market?
- My flat has a mortgage against it with Secure Trust Bank and I have been renting my flat minus consent to let, which I am now led to believe means I am in breach of my mortgage conditions. I think I have come onto their radar that I am not living there. Is my best option is to dispose of the apartment before repossession?
- What is the procedures for obtaining consent to let from Secure Trust Bank? What information do they need? is there a fee to pay? How long the consent is valid for? Do I need to renew it every year? What if I obtain a consent but decide to sell the property rather than lease out the property?
- My mortgage is with Secure Trust Bank and wonder if I am duty bound to disclose if we no longer live in my house. I believe that they may up the interest rate if we move and find a tenant but it's not very clear what the change would be. If I decide to lease my house out and apply for consent to let in what way would the payments increase?
- My partner is in the process of placing an offer on a new property in Waltham Forest and is getting a good deal as it needs some work done. We want to rent our current property for 2 years and then return. Is there anything in the Terms and Conditions of my Secure Trust Bank mortgage to say I can lease it out or do I require specific consent to let?
- Is it possible that Secure Trust Bank would have an internal record as to whether consent to let was granted for a specific property?
- I am trying to find out if Secure Trust Bank will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- Me and my fiance and I would like to obtain consent to let on a house where we have a mortgage with Secure Trust Bank. If granted, how long would consent be given for? In asking for consent to let from Secure Trust Bank are we running the risk of them forcing us to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Secure Trust 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Secure Trust Bank