Need Help?
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.
Frequently asked questions relating to Secure Trust Bank consent to lease
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Jennifer (my wife) and I may need to let our Croydon home temporarily due to me taking a sabbatical. This will be temporary but possibly for as long as 2 years. Do I inform Secure Trust Bank or do I not rock the boat?
- My wife and I are planning to release equity in my current house to acquire another property which I intend to live in whilst I refurbish. I would like to rent my current property with the Secure Trust Bank loan. How likely is it that I will obtain consent to let? House is valued at £350 k with a £200k mortgage in place.
- My fiance phoned Secure Trust Bank on Monday concerning consent to let. He is expecting a returned call. We have placed an offer in on a house that has been provisionally accepted so would like to know how likely it is that we will receive consent to let with Secure Trust Bank?
- I have been serving in the armed forces for three years and planning to acquire a home using a Secure Trust Bank mortgage. I would like to obtain consent to let this house to my parents. In years to come I plan to live in the property with my wife and kids when my military career comes to an end. Is this possible?
- I am looking to Secure Trust Bank to issue me with consent to let out my studio flat in Sutton. I am moving to Dubai for 6 months on a secondment.
- We are looking at new mortgages and also exploring the possibility of renting the property in the future - Is there a cost with Secure Trust Bank to receive consent to let and what are the requirements?
- I am hoping to fix my homeowner mortgage with Secure Trust Bank but as a result of my job I may have to live abroad for few years. Will Secure Trust Bank allow and give consent to let and there be any penalty
- I am looking at taking a job abroad and have been advised that I need to let Secure Trust Bank know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Secure Trust Bank 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
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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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 Secure Trust Bank your property may be repossessed