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what happens if you inform santander youre renting the property?
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Thrugelmir wrote: »An insurer could consider the matter to be an omission of a material fact. Thereby making the policy void.
You've been repeatedly pulled up on this bad advice before, I do wish you'd keep your opinions to the debate board, as you're not helping people like this.
An insurer who has been notified of letting, and accepts the insured on that basis, cannot back out of a claim because CTL was not obtained provided no false information was given.
If they do not ask for or require you to provide CTL information, and you don't tell them, the chances of them being able to wriggle out are virtually nil.
AFAIK there has not been a single case in the UK of an insurer declaring a policy null and void in the event of claim due to CTL not being obtained, provided false information was not given and the let was declared to the insurer.As the property belongs to the lender until such time as the mortgage charge is removed.
Nonsense.
Property legally belongs to the purchaser until such times as a lender obtains possession via court process in the event of default.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Hi I am at the end of my fixed rate but rented out my property without telling santander as I was struggling financially. Now I want to remortgage to a better deal but know if I tell them the rates will be higher. If so. . . .by how much? Or would I be better staying as things are on their base rate. They arent advertising their products so I cant even compare the difference.
All advice welcome.
Ps still struggling financially. I have 20k debt on top of my mortgage to deal with too.
You need to ask the lender for consent to lease (NOT tell them) you also need to inform your buildings insurer, contents insurer and complete tax returns for HMRC. You can write off the interest but not capital repayment part of your mortgage.
http://www.hmrc.gov.uk/manuals/pimmanual/Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0 -
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Do you understand the legal concept of 'ownership'?Thrugelmir wrote: »The lender has a vested financial interest in the property. Without the lenders permission there's nothing you can do with the title.
Sorry - let me re-phrase that: You don't understand the legal concept of 'ownership'.
Do you know anything about insurance?An insurer could consider the matter to be an omission of a material fact. Thereby making the policy void.
Sorry - let me re-phrase that: .........0 -
Do you understand the legal concept of 'ownership'?
Sorry - let me re-phrase that: You don't understand the legal concept of 'ownership'.
Do you know anything about insurance?
Sorry - let me re-phrase that: .........
He's trolling again.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
HAMISH_MCTAVISH wrote: »
If they do not ask for or require you to provide CTL information, and you don't tell them, the chances of them being able to wriggle out are virtually nil.
Absoloutely right.HAMISH_MCTAVISH wrote: »
AFAIK there has not been a single case in the UK of an insurer declaring a policy null and void in the event of claim due to CTL not being obtained, provided false information was not given and the let was declared to the insurer.
But what on earth makes you think you'd hear of such an example? Only a miniscule number of disputed claims or non-disclosure cases make it to court.0 -
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hugoshavez wrote: »But what on earth makes you think you'd hear of such an example? Only a miniscule number of disputed claims or non-disclosure cases make it to court.
Given the large numbers of accidental landlords, the severity of potential consequences, and the thousands of anti-landlord trolls on housing boards all over the internet who would love to be able to shove this in people's faces....
I'm 100% sure we'd have seen this by now if it had ever happened.;)“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Thrugelmir wrote: »What's a mortgage?
Debt that gives security to the lender in the unlikely event of default.
Not ownership of a property by the lender.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Do you know anything about insurance?
Sorry - let me re-phrase that: .........
Was a few years ago now. Though I doubt the principles have changed. As are well established.An insurance contract is a "contract of utmost good faith", which means that all parties to the contract are under a strict duty to deal fully and frankly with each other. Customers must disclose all facts that are "material" (or relevant) to the risk for which they are seeking cover.
A "material" fact is one which would influence an underwriter when they were deciding whether to accept the risk, and the terms and conditions that should apply. If a customer fails to disclose (or misrepresents) a material fact and this induces the insurer to accept the proposed risk, the legal remedy is to "avoid" the policy. This means the insurer is entitled to treat the policy as though it never existed. Unless fraud is involved, the insurer will normally return the premium and will not pay out on any claim made under the policy.0
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