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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.
Frequently asked questions relating to Bank of Scotland consent to lease
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We've been renting my wife's old house out with "consent to let" from Bank of Scotland on a homeowner mortgage for the last 24 months. Bank of Scotland have now advised that they are withdrawing their consent to let unless we convert to one of their "buy to let" mortgages.
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Within the next few days I intend to get in touch with Bank of Scotland for consent to let out my house in Bank of Scotland. However the property has been on with agents for few weeks but there without a sniff of interest and paying a full mortgage, council tax and insurance on an empty house is exhausting my finances. What approach would Bank of Scotlandtake if I have the house on the market?
- My wife and I are interested in understanding the conditions customers have to meet before consent to let from Bank of Scotland is granted. Do you know if there are any restrictions on who can be granted consent?
- We are currently in Dubai and leasing out our flat in Ealing. This was unplanned but an opportunity arose and we took it. The rental income is insufficient to cover the mortgage so we send back funds each month to cover the difference. Yesterday our lender got in touch telling me that because the property is being let out and has been for nearly three years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the flat but this will be difficult as I am on the other side of the world. Would it be possible to remortgage with Bank of Scotland and get consent to let?
- Is there a maximum period that Bank of Scotland is willing to grant me the Consent To Let for?
- My husband and I are deliberating a remortgage and also exploring the possibility of renting the property in the years to come - Is there a charge with Bank of Scotland to receive consent to let and what are the requirements?
- Do you know whether there a time limit on a consent to let from Bank of Scotland? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- Me and my husband have an cottage in our garden. Do we need consent to let this from Bank of Scotland? If so, what is the process if I would like to transfer my mortgage to consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Bank of Scotland consent to let Advice
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland