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Need professional advice for your consent to let with State Bank of India UK? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
State Bank of India UK consent to let: Q and A’s
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What options are open to me if my request to obtain consent to let is turned down by State Bank of India UK?
- I have a friend who is thinking about renting their property out and moving in with partner. The property is in Islington and has a £80k mortgage with State Bank of India UK. What would she need to do to get consent to let if she decides to do this.
- In the coming months I wish to move home and I am enquiring if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid thus being chain free and then let my property out once I move. Is it likely that State Bank of India UK grant consent to let for six months if they know I am looking to purchase a further property or only if I am moving temporarily for career reasons?
- I'm looking to apply to State Bank of India UK for consent to let on our current residential property in Lambeth. I am hoping to release equity from my existing house ahead of this, and using that money to purchase a new home. I will live in that property whilst doing it up for nine months after which I intend to sell it then move back to my current house. Is this something State Bank of India UK will consider consent to let for or does this fall outside the standard criteria?
- I have State Bank of India UK mortgage and am considering leasing out the property. I am lead to believe that I would need a consent to let to do this...is that correct ?
- I currently have my mortgage with State Bank of India UK and have been for the past eighteen months and I am interested in finding out some more information about the possibility of getting 'consent to let’.
- I am looking to get consent to let with my State Bank of India UK residential mortgage. It is a detached house. Do State Bank of India UK grant consent on this basis? Or would it be regarded as an HMO?
- Will I need consent to let from State Bank of India UK if I am planning to live in the property myself for half of the year? Furthermore if I gain consent to let for a period of time, say up to two years, what happens after that.
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Information to consider in conjunction with the above State Bank of India UK 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with State Bank of India UK your property may be repossessed