Need Help?
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.
Sample questions relating to St James Place consent to let
- I have a 2 bed flat in Hounslow let out which has a seventy year lease. Mortgage adviser said I should refinance (currently with St James Place) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £200k. Limited available in Camden for me to buy my own house. A lease extension will be approximately 13k. Lease out with consent to let or sell the flat?
- Much to my surprise I have been offered an excellent career opportunity for 9 months in New York. I do have sufficient cash reserves to pay the monthly St James Place mortgage yet the buildings insurance stipulates continuous residency in order not to be invalidated. Last winter the roof was damaged but repaired. Should there be any problems through the winter months I would struggle to afford repair costs. Would I be eligible for consent to let via St James Place for the period I am abroad?
- We are in need of a larger house so our children don't have to bunk together. We are thinking about buying another house next year. The house is estimated to be worth £155,00 and we have about £65k left to pay on the St James Place mortgage. We would ideally like to keep this house if possible and lease it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we first need to discharge our current mortgage?
- I bought a studio flat in Croydon eight months ago and have a three year fixed rate mortgage with St James Place. Looking to move in with my other half next month and would like to rent my property. Just want to know the process.
- I have separated from my ex and we have each moved into our parents house and plan to divorce. What do I have to do to get St James Place to give consent to let the property out to tenants?
- Will St James Place want to know my reasons for seeking consent to let? Is it wise to inform them of my potential relocation overseas?
- We are about to buy a property and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the criteria is for consent to let from St James Place? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- Are you aware if there is usually a maximum loan to value amount before St James Place will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with 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
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 inform them could result in 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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action 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