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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.
Frequently asked questions relating to Lloyds TSB Scotland consent to lease
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I was thinking of renting out my cottage and generate some income while I am on vacation. It will only likely be for a couple of weeks. Do I need consent to let from Lloyds TSB Scotland?
- I was wondering if you could please give me some advice on what the procedure is for applying for content to let, what do I need to do. I am considering a Lloyds TSB Scotland mortgage on a £350,000 house Springnext year. The intention is to hold the house as a second home but I need to consider what options are available to me to let the property in the future. If our circumstances were to change the property would either be sold or let out.
- I'm looking to apply to Lloyds TSB Scotland for consent to let on our existing residential property in Wandsworth. I am looking to release equity from my existing property before doing so, and using that money to buy a further home. I will live in that property whilst renovating it for nine months at which point I plan to sell it then move back to my existing property. Is this something Lloyds TSB Scotland will consider consent to let for or is that out of their criteria?
- I am currently looking to buy my first property however, working as a contractor. I want to chose a mortgage provider that allows short term letting with a residential mortgage so that I could lease out the property for no more than six months with long periods of absence without being forced into a BTL product. Can you let me know how lenders would view this and specifically the approach taken by Lloyds TSB Scotland.
- Just wondering if if consent to let would be forthcoming from Lloyds TSB Scotland enabling me to move back in with my mum and dad for 12 months and conserve some cash on the lease extension for my flat?
- I want to rent a room in my house in Enfield. Do I need consent to let from my mortgage provider Lloyds TSB Scotland?
- I have a leasehold flat. I would like remortgage with Lloyds TSB Scotland and either change to buy to let or consent to let. I'm still within the Early Redemption Charge period so not sure if it would trigger the penalty payment?
- Is it possible to negotiate a consent to let from Lloyds TSB Scotland if I have an existing mortgage which has been in place for seven years?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Lloyds TSB Scotland consent to let Info
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
If 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 could 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
Leasehold properties
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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