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Need professional advice for your consent to let with St James Place Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: St James Place consent to let
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I bought a garden apartment in 2007 for 175,500 with St James Place. I got married to someone in the forces so moved in to married quarters in Gibraltar and appreciate that I have to request consent to let from St James Place. Do you have any experience of consent to let from St James Place?
- Due to a change in family circumstances my husband and I are moving to my parents house while they are away and letting our home out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to refinance in the next year will we then switch to a BTL mortgage. We will 100% return to our flat at the beginning of 2017?
- I acquired my studio flat in Merton last September and have a three year fixed rate mortgage with St James Place. Looking to move in with my partner next month and would like to lease out my property. Just want to know the process.
- I have a self contained flat attached to my house that my mother has vacated. As the main house is large I was thinking to move into the annex and let the remainder out. This is also due to change of circumstances. Would I need a consent to let from St James Place?
- My wife and I are looking to ask St James Place for consent to let out our home in Bexley. We are relocating overseas for 3 years and need to let it out. I didn't look into this when we got the St James Place mortgage, and that was purely because we never anticipated an opportunity would arise such as this so was planning on occupying the property.
- Will St James Place want to know why I am applying for consent to let? Should I inform them of my potential move abroad?
- I have had my mortgage with St James Place for the past twenty months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- I would like to let my flat for two years max. How do I go about getting consent to let from St James Place who I have a mortgage with?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above St James Place 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
One thing to remember when arranging a consent to let mortgage with St James Place is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 terms are not adhered to you may be in breach of 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 commencing legal proceedings 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 St James Place