Need Help?
Need professional advice for your consent to let with Bank of Scotland? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Bank of Scotland consent to let
-
My husband and I bought a flat in 2010 for 155,000 with Bank of Scotland. My husband’s job requires him to relocate to Belgium and now wish to request consent to let from Bank of Scotland. Do you have any experience of consent to let from Bank of Scotland?
- Me and my husband were planning to purchase a one bedroom apartment with 10% down payment with the aim of living there. Somewhat fortuitously the in-laws are arranging to move to Spain for a couple of years so we plan to move into theirHaringey apartment to "housesit". Should we go ahead with a residential mortgage with Bank of Scotland would there be any issues with switching to consent to let ?
- I have a Bank of Scotland mortgage on an apartment I own, in Harrow. This year, resulting from a change in personal circumstances I decided to let out this flat, and rent an alternative property in a different area within same loc. The personal situation that changed is that my partner moved in, and the flat is not large enough for our needs. I would rather not dispose of the flat because the current market value is significantly lower than when I bought the property in 2007. I applied to Bank of Scotland for a consent to let which was turned down because they considered that my intention was to invest in the flat. Any insight would be greatly appreciated, as i am at the end of my tether. The matter is urgentas there is a prospective tenant waiting for this consent to let and may withdraw.I look forward to hearing from you
- My girlfriend and I (co-owners) are considering refinancing with Bank of Scotland. I was doing some research concerning consent to let from Bank of Scotland to understand the rules around potentially renting our current property out (probably in a in a couple of years time) if we moved away. The apartment in question was a first-time purchase for us about three years ago. Currently we are living there.
- My fixed rate loan with Bank of Scotland ends in May and have to move with work then. Is it likely that I be able to both remortgage and get consent to let?
- I want to apply for consent to let from my lender Bank of Scotland to lease out my flat. I am potentially moving in with mypartner. Can you tell me if Bank of Scotland issue consent to let in these circumstances?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage provider Bank of Scotland. Will it make a difference that I only drew down on the mortgage three months ago?
- What, if any, income criteria do Bank of Scotland set for consent to let on an existing domestic mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Bank of Scotland 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
Where 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 may trigger your insurance becoming null and void. 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland