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 am looking to get a consent to let from St James Place as my personal circumstances have altered. My stepdaughter started college and I concluded that we would move nearby and opted to buy a property rather than rent for 3 years. Since buying the house there has been serious deterioration in my relationship with my my step daughter and she is unwilling to live there. Since the whole point was for her and the house location is not particularly ideal for my work I would like to leave and rent out the house
- I have a mortgage with St James Place. I wish to buy a second house and my financial adviser advised me to seek consent to let. I had formerly led to believe they only grant consent to let where it is my intention to go back to my current home. Is this correct?
- How long must you own a property before you can get consent to let ,the lender is St James Place? On the basis that it is issued, can it be retracted at a later date?
- My wife have an offer accepted to buy a property, we have a deposit of between 20-25% for a standard mortgage with St James Place. The one concern is we may leave the country in 2 months for work. We are using a financial adviser. She says if you tell this to the lender in advance we will need to get a buy to let. Do go ahead with residential mortgage with St James Place, shortly thereafter seek consent to let? Alternatively, do we try and contact St James Place now and reveal there is a chance we will move abroad in the future (nothing is definite regarding the move abroad) and see if they agree before hand that it wouldn't be an issue
- My wife and I want to let our house out and use the rental income to pay rent on a house in Lewisham. What are the chances of being given consent to let by St James Place without being forced onto a BTL product.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with St James Place. My property is worth approx £250k and owe £48k on it. Will St James Place increase my interest rate?
- I am a St James Place borrower. I would like to apply for consent to let my flat. I have been waiting for a response from St James Place. Are you able to please check and help?
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with St James Place
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above St James Place consent to let information
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 regular 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
If your property is 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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