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Need professional advice for your consent to let with Lloyds TSB Scotland plc? 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 Lloyds TSB Scotland consent to lease
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My lender has placed me in a pickle with a Consent to Let home loan. Reacting to my requisition for consent to let the bank has requested that I produce an executed tenancy agreement as a prerequisite to granting permission. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- My query does not relate to consent to let, I was hoping that you have an address or telephone number for a dedicated Lloyds TSB Scotland team who processes consent to let applications. Lloyds TSB Scotland has a mortgage over my property.
- I have a homeowner mortgage with Lloyds TSB Scotland and will be joining the Royal Fleet Auxiliary in September. This is a civilian manned fleet owned by the MOD. I will be at sea four months on and three months in the UK. During my time on assignment I want to let out my house in Lewisham and move in with my mum and dad when on shore. What's involved in getting consent to let? Can it be granted? and does it involve an increase in interest rates?
- We I have a homeowner mortgage with Lloyds TSB Scotland but I would like to occasionally take in lodgers....do I need consent to let from Lloyds TSB Scotland?
- My wife and I are trying to find out which mortgage providers are best for granting consent-to-let without raising rates, and hopefully allowing more than 2 years where required. Is that something you can help with? We are particularly interested in Lloyds TSB Scotland
- I recently bought a garden flat in Havering. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender Lloyds TSB Scotland or do need to wait for at least 6 months?
- I am currently in the process of getting a mortgage through Lloyds TSB Scotland - It is possible that in the coming months I may decide to let out the property - how would I change the 1st time buyer mortgage to a buy to let mortgage?
- We have an annexe in our garden. Do we need consent to let this from Lloyds TSB Scotland? If so, what is the process if I would like to transfer my mortgage to consent to let?
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Important warnings to consider in supporting the above Lloyds TSB Scotland consent to let Questions and Answers
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 Lloyds TSB 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 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed