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.
Frequently asked questions relating to State Bank of India UK consent to lease
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I have a standard mortgage over my property in loc with the intention of moving overseas to country for two years. During this time frame it makes financial sense to rent out my house. My bank is withholding consent to let. I don’t really want a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- I have a friend who is considering renting their house out and moving in with partner. The property is in Southwark 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.
- I have a three bed leasehold flat via a State Bank of India UK mortgage and have a lodger sharing with me. I have decided to relocate to Southwark and will look for a property to rent. My lodger doesn't want to leave so is willing to pay an increased rent. Must I seek consent to let by State Bank of India UK?
- We are in need of a bigger house so our children don't have to bunk together. We are thinking about buying another house in a few years time. Our house is worth £155,00 and we have about £55k remaining on the State Bank of India UK mortgage. We would prefer to keep this house if possible and rent it out with consent to let. Can you have a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- I have separated from my wife and we have each moved into our parents house and plan to divorce. What do I have to do to get State Bank of India UK to give consent to let the property out to students?
- I would like consent to let on my Haringey maisonette from State Bank of India UK. I will be going abroad for 10-12 months and so want to know if I am able to let my apartment
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from State Bank of India UK and let my three bedroom ground floor purpose built maisonette out if I move in with her?
- My wife and I have a domestic mortgage with State Bank of India UK and are considering obtaining consent to let so that we can apply for another mortgage on another property that I own on a buy to let basis. Before we apply it would be helpful to know the consequences of making the change and any facts that we need to consider.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above State Bank of India UK consent to let Advice
Tax and Legal
There may be various 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with State Bank of India UK