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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.
Common questions relating to Bank of Scotland consent to lease
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What is the most extreme action Bank of Scotland can take if I have Sublet my flat if consent to let is not first obtained?
- We are a young couple and we found a home flat in Haringey that we like and wish to take out a mortgage with Bank of Scotland. The issue is that I am pregnant and might give birth any time soon as I am on my 9th month of pregnancy. This wouldn't make it impossible for us to move right away so we are thinking to keep living with our parents for about six months. In the meantime, if we buy this property, we can let it out. I was just wondering how will that work out? Are we likely to get consent to let by Bank of Scotland
- My wife and I live in a property where we have some empty bedrooms. We are considering the option of establishing an holiday rental style business to let half the home out on a check-in and check-out basis. Is this is likely to be permitted under Bank of Scotland’s consent to let protocol?
- My fixed rate mortgage with Bank of Scotland runs out early 2017 and I'm planning on fixing for a further 4 years with Bank of Scotland, with any luck rates will still be low. In two years time I may wish to move temporarily to a different city. How problematic is it to get consent to let from Bank of Scotland under these circumstances? Assuming that monthly rent payments would be about £250 above the Bank of Scotland mortgage payments.
- Can you help me understand the requirements that Bank of Scotland set for consent to let? Can you help?
- My Bank of Scotland mortgage fixed rate ends in September and have to relocate for work then. Is it likely that I be able to both refinance and obtain consent to let?
- I am seeking consent to let for my house as I am moving out for nine months currently fixed Bank of Scotland mortgage with two years which is due in July next year.
- I am already leasing out my flat but may have sussed what has been going on. I have 5 months remaining on my fixed rate. Is it simple to get consent to let from Bank of Scotland. Is it just a quick phone call, pay the charge and that's it?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Bank of Scotland 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
One thing to remember when arranging a consent to let mortgage with Bank of Scotland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of 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
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