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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.
Top Five Questions relating to St James Place consent to lease
- I will soon be relocating to Hong Kong. As opposed to sell my house, I would like to rent it out, just in case things don’t pan out. My current mortgage is with St James Place. If I applied for a refinance would a new provider consider this as me trying to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore refuse my application for Consent to Let?
- Just contacting you on behalf of a colleague who has a mortgage with St James Place. He asked me to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job overseas away for 2 years and is considering leasing the place out while he is away.
- A few months ago I let out my garden flat having obtained Consent to Let with my mortgage lender. 6 months have now elapsed and they have increased my interest rate as forewarned. I am unwilling to change to a more favourable product with them, as they will revoke my consent to let. Were I to go with another mortgage provider for example St James Place, would I be required to obtain a BTL mortgage or could I simply refinance and gain consent to let?
- My husband and I are the registered owners of a flat in Sunderland and will be relocating to Kent at the beginning of February. I have a letting agency and tenant lined up. I was planning to keep quiet as I'm worried St James Place will insist that I change my mortgage rate for buy to let which is not economically viable. I appreciate that it would be preferable to get a consent to let via St James Place but am afraid if I show my hand it would result in no end of issues
- Were we to request a consent to let letter from St James Place will we be required to switch to buy to let mortgage? We are with St James Place and as properties are not selling at the mo and we have seen one we like we were leasing our home out in order to buy the new and sell this one when the market improves.
- This is not a question specific to St James Place but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I was just wondering if St James Place were picky when considering consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I am looking for some generic information on consent to let. I currently have a mortgage in place with St James Place. I have had licence to sublet my apartment from the freeholder of the block and they asked for a copy of the consent to from St James Place.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above St James Place consent to let Advice
Tax and Legal
There may be various 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 may trigger your insurance becoming null and void. 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with St James Place your property may be repossessed