Need professional advice for your consent to let with Bank of Scotland Private Banking? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Exciting times as my better half and I will move back to Floridain Month, possibly short-term but potentially longer term. I have contacted Bank of Scotland Private to obtain consent to let out our property (we have already found tenants). The mortgage has been in place with Bank of Scotland Private for 7 years and there have been no arrears. Bank of Scotland Private say, that even if they do agree, that this will be limited for a single year. After the year is up what happens next?
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.
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
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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.