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.
Sample questions relating to Lloyds TSB Scotland consent to let
- I am currently seeking a mortgage as first time buyer and considering Lloyds TSB Scotland with my broker. Suppose I choose a 5 year fixed rate I live at the property and after one year, I come to get an opportunity of work relocation necessitating moving abroad. In the case Lloyds TSB Scotland gives me consent to let,does the rate stay as it is or would it change?
- I own a ground floor flat but I am seldom there, looking into the possibility of renting it out. My mortgage is with Lloyds TSB Scotland, would I have to move onto a new mortgage product or should I apply for consent to let?
- I was just looking for guidance on whether I will be allowed to convert a residential mortgage with Lloyds TSB Scotland to a consent to let. It will be less than 70% ltv and it would alter from capital and interest repayment to an interest only loan?
- My wife and I bought a house in Manchester and will be moving to Amersham at the beginning of February. I have a letting agency and tenant ready. I was planning to keep quiet as I'm worried Lloyds TSB Scotland will insist that I change my mortgage rate over to a buy to let which is not economically feasible. I appreciate that it would be preferable to obtain a consent to let via Lloyds TSB Scotland but am afraid if I come clean it would lead to a whole host of issues
- Is there a maximum period that Lloyds TSB Scotland is willing to grant me the Consent To Let for?
- This is not a question specific to Lloyds TSB Scotland but do lenders usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- My fiance and I have a letter to Lloyds TSB Scotland requesting consent to let signed and ready, but I'm not sure what address I should post this to. Can you please help me with the address?
- I wondered if you could help clarify the process for getting a consent to let from Lloyds TSB Scotland? Is there certain policies such as you must live in the property for over 6 or 12 months before its given?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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 notify 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
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed