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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.
Bank of Scotland consent to let: Q and A’s
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What options are open to me if my application for consent to lease is subsequently refused by Bank of Scotland?
- I am wanting to email my lender Bank of Scotland explaining the following logic for my request for consent to let ; "I am having difficulties paying the monthly mortgage amount and want to move back with my parents but can't sell. I wish to avoid failing to make payments and have thought about giving back the keys. If you granted consent to let this will likely solve things." What are the chances that this will result in a positive response?
- My daughter is going to work overseas for three years and would like to rent her apartment out. She has a Bank of Scotland fixed rate mortgage on repayment and wants consent to let the property as well as switch to interest only. What does she need to do?
- I would like to be informed of what the policy is for Bank of Scotland for consent to let. I have come across various suggestions in relation to charges and rates. I need to move area for work but I don't want to sell the house due to a depressed market.
- I have a homeowner mortgage with Bank of Scotland and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- I'm thinking about letting my property on a residential mortgage with Bank of Scotland what is the procedure for getting consent to let?
- Me and my partner have had my mortgage with Bank of Scotland since 2006 with no arrear If I asked for consent to let would it be given?
- Last month I bought a property with 10% deposit for personal uses. A mortgage was taken with Bank of Scotland. However my circumstances have now changed. I am being transferred out of the area. Am I able to get consent to let from Bank of Scotland and put the property up to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Bank of Scotland consent to let Questions and Answers
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 regular 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 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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