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.
Recently asked questions relating to Secure Trust Bank consent to lease
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I intend to let out my flat to some tenants who have asked me for a copy of my ‘consent to let’ from Secure Trust Bank, my mortgage lender. Is this standard practice? My letting agent cannot offer an explanation, can you?
- I am buying a two bedroom second floor purpose built maisonette in Bromley. My plan is to reside there for under a year, and then move into a larger flat. As opposed to disposing of the first apartment my preference would be to let it out so that it becomes an investment. Do you know if Secure Trust Bank would grant consent to let after half a year?
- Where can I find the Secure Trust Bank consent to let application on your webpage I am unable to locate it on the net.
- What is the maximum period of time allowable to Secure Trust Bank that I would be able to let my property before having to transfer the mortgage or sell my house? In short, my partner has asked me to move in with him and I really want to hold onto my house. I would like the security of knowing I still own my own home.
- I'm thinking about letting my property on a homeowner mortgage with Secure Trust Bank what is the procedure for getting consent to let?
- A work promotions now necessitates that Ibe in different locations every month and as such I wish to understand the procedure for getting consent to let with Secure Trust Bank
- I would like to buy a new home but can't afford to sell my existing apartment with a Secure Trust Bank mortgage. Do you know the criteria for Secure Trust Bank to issue consent to let? Is getting married and having kids a sufficient reason to to ask for consent to let?
- Our Secure Trust Bank mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
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 Advice
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
If 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 notify them could trigger your insurance becoming invalid. 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 restrictions are not strictly observed you may be in violation of 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 commencing legal proceedings 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 Secure Trust Bank