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.
Is consent to lease required from Royal Bank of Scotland -Natwest One or can I lease out my new house without telling Royal Bank of Scotland -Natwest One and being forced to transfer to a B2L loan?
Soon to be packing up as my wife and I will move back to Perthin Month, perhaps short-term but conceivably longer term. I'm in the process of writing to Royal Bank of Scotland -Natwest One to obtain consent to let out the home in Royal Bank of Scotland -Natwest One. I have been with Royal Bank of Scotland -Natwest One for 5 years and I am up to date with payments. Royal Bank of Scotland -Natwest One advise, that even if they grant consent to let, that this will be limited consent for 12 months. And then what?
There may be various 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.
One thing to remember when arranging a consent to let mortgage with Royal Bank of Scotland -Natwest One 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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting 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.