Need professional advice for your consent to let with The Royal Bank of Scotland plc Natwest One Account? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
We've been renting my wife's old house out with "consent to let" from Royal Bank of Scotland -Natwest One on a residential mortgage for the previous two years. Royal Bank of Scotland -Natwest One have just written retracting their consent to let if we do not transfer to one of their "buy to let" deals.
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 notify them could result in your insurance becoming invalid. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to advise 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.