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.
Examples of recent questions relating to Secure Trust Bank consent to let
- Last September my wife and I bought our council home, in Lambeth,recently valued at £200k. It was paid for in full from our own funds, unencumbered. We are prohibited from selling (without penalty of losing some of our discount) before five years have gone by. Regardless, we wish to keep it as a investment property to let out. We wish to release some equity via a Secure Trust Bank mortgage. Will consent to let be given?
- I have a mortgage with Secure Trust Bank on a property and I am intending to rent it out and rent another house as a result of changes in personal circumstances - I want to move to a new area, and to live in a bigger house with my partner. I sought consent to let and just got a response refusing as they determined that I want to invest. I dont know what to do now. The process has put me at risk since I am already committed to the new house and would have to pay both Secure Trust Bank and rent payments, which could expose me financially. The matter is urgent because a potential tenant is waiting
- I have a Secure Trust Bank mortgage and have been renting my flat omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage contract. I think I have come onto their radar that I am not residing there. What are the legal repercussions of my actions?
- I have a flat in Hillingdon with a Secure Trust Bank mortgage but have not lived there for a while. My sister moved in but is there rent free. At the moment I live in rented accommodation and am keen to buy a house. I have come across an ideal property at reasonable price. I have enough of a deposit to use on the house I am interested in but would find it difficult to pay enough off the old property to switch it to a buy to let loan simultaneously. Can I transfer the current Secure Trust Bank mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- I would like to know the criteria for consent to let from Secure Trust Bank and any costs involved. Last week I moved in with my partner and have a friend wanting to let out the property.
- I don't currently have consent to let from Secure Trust Bank but I would like to apply, I am looking at working away for eighteen months. But want to keep my home for when I come back - can you help?
- I would like some advice on how best to approach my mortgage lender Secure Trust Bank regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- I need to contact Secure Trust Bank to enquire about leasing out our property. Will they send a form to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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