Need Help?
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.
Recently asked questions relating to State Bank of India UK consent to lease
- I have a 1st time buyer mortgage with State Bank of India UK and will be joining the Royal Fleet Auxiliary in August. This is a civilian manned fleet owned by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to rent out my property in Tower Hamlets and live with my sister when on shore. I am confident that my rental income would cover my monthly repayments. Can you help?
- We have just sorted our rates for another fixed period with State Bank of India UK. Subsequently, I attended an interview and basically I accepted the job offer in Redbridge. I'm going to rent a small flat for the family in Merton as we don't wish to sell the house and moreover we might come back before two years.... We really don't know whether it will go. We called State Bank of India UK but we would like also your point of view please. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we really don't want to swap this.
- I'm looking to remortgage my maisonette, currently tenanted under consent to let from State Bank of India UK, onto a BTL rate as we are unlikely to be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what my options are. Can you offer any advice on a good broker service specialising in BTL?
- I have been serving in the Royal Air Force for five years and planning to acquire a home with a State Bank of India UK mortgage. I would like to obtain consent to let this property to my mother and father in law. In years to come I plan to reside in the property myself when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- We are looking to place my house on rent due to work commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with State Bank of India UK at the moment until 2018 October
- State Bank of India UK - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- Is it the case that a prior extension to a mortgage term with State Bank of India UK be held against us once we applied to State Bank of India UK for consent to let.
- Is there a time limit on a consent to let from State Bank of India UK? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
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Information to consider in conjunction with the above State Bank of India UK 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
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 trigger 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
If your property is 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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 obtain 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