Need Help?
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.
Common questions relating to Lloyds TSB Scotland consent to lease
- In what situations will consent to let for a property be granted via Lloyds TSB Scotland? For what period of time do you have to have had the mortgage before consent to let can be obtained from Lloyds TSB Scotland? In order to give you some perspective:We were living in a very small apartment which is too small for us, my wife is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am interested in gaining consent to let initially to be able to renting the property out to offset the expense of the Lloyds TSB Scotland mortgage.
- After 17 years in London, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to renew our mortgage with Lloyds TSB Scotland. In Merton, we are be looking at a 3-bed property around the £350k mark. I would preferably like to keep hold of my existing flat. Could I ask for Consent to Let from the proposed new lender Lloyds TSB Scotland. If granted what are the likely conditions?
- At the moment I am looking to buy my first property however, working as a contractor. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could rent out the property for no more than six months with long periods of absence without being required to switch to a BTL mortgage. Can you let me know how lenders would perceive this and specifically the approach taken by Lloyds TSB Scotland.
- I am in the Royal Air Force and intending to acquire a house with a Lloyds TSB Scotland mortgage. I would like to obtain consent to let this house to my parents. In the future I would reside in the property with my wife and kids when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- My partner and I have had my home loan with Lloyds TSB Scotland since 2006 with no arrear If I asked for consent to let would it be given?
- I might potentially need consent to let from Lloyds TSB Scotland in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on how long one can let out your property with consent?
- What, if any, income requirements do Lloyds TSB Scotland set for consent to let on an existing homeowner mortgage?
- I am looking at taking a job overseas and have been advised that I need to let Lloyds TSB Scotland know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
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Information to consider in supplemental the above Lloyds TSB Scotland consent to let information
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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