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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.
St James Place consent to let: Q and A’s
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Can St James Place invoke a right to put a loading on my interest rate on a standard mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their BTL range'?
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What options are open to me if my application for consent to lease is rejected by St James Place?
- My husband and I were intending to buy a ground floor flat with a £20,000 down payment with the aim of living there. Somewhat fortuitously the in-laws plan to move to Spain for a while so we would be moving into the in-lawsWandsworth apartment to "housesit". In the event that we proceed with a residential mortgage with St James Place would we likely encounter any difficulties with negotiating consent to let ?
- We took out a fixed rate mortgage with St James Place for 2 yrs and have been living in the house for about six months. Due relationship issues I need to relocate so I would like to let the place out. What is the best way to go about getting consent to let from St James Place?
- I have separated from my ex and we have moved back in with our respective parents and intend to divorce. What do I have to do to get St James Place to give consent to let our house out to students?
- We are close to purchasing a flat 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 rules are on consent to let from St James Place? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I have a mortgage with St James Place taken 3 months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from St James Place as I am planning to buy a further property.
- What are the changes that St James Place force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above St James Place consent to let Questions and Answers
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 violation of your covenants under the lease. This could trigger 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with St James Place your property may be repossessed