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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.
Recently asked questions relating to Bank of Scotland consent to lease
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Due to problems with the area we live in (it's rough!), we are keen to relocate. As selling the property will result in redemption penalties to Bank of Scotland of £4000, we thought that it would be sensible to rent it out. In the circumstances we need consent to lease from Bank of Scotland only 12 months. Will Bank of Scotland grant consent?
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I have a homeowner mortgage over my property in loc and am due to relocate to country for a couple of years. During this time frame it makes financial sense to let out my flat. My bank is withholding consent to let. It’s hardly ideal to move to a buy to let loan as it’s only for a short period that I am abroad for.
- I acknowledge that I have been extremely reckless in not informing Bank of Scotland that I’m renting my property out. I would like rectify the situation and request consent to let. If Bank of Scotland says yes, is there any way of them figuring out historically that the property was let without consent?
- I currently have a mortgage offer with Bank of Scotland. I anticipate that I will complete in the next few weeks, however it looks as though I may be posted overseas for work. How feasible is it for me to obtain consent to let from Bank of Scotland within a few months of drawing down on the mortgage. Are there any other options open to me?
- Bank of Scotland. Will they issue consent to let a property for a couple of years? I reoccupy as an occupier.
- I am looking for some generic information on consent to let with Bank of Scotland: I am moving to become a non-UK resident. Potentially for a number of years. Nevertheless I will be on a four month test period .I'm wanting to know the criteria for consent to let from Bank of Scotland and any costs involved
- Is it possible to negotiate a consent to let from Bank of Scotland if I have a current mortgage which has been in place for eight years?
- I wish to apply for consent to let from my lender Bank of Scotland to rent out my house. I am potentially moving in with myfiance. Do Bank of Scotland allow consent to let in this situation?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Bank of Scotland consent to let information
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
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
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 terms are not adhered to you may be in breach of the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland