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Need professional advice for your consent to let with Scottish Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Scottish Building Society Consent to Lease Example Support Desk Enquires
- What information do Scottish Building Society expect to have to make a decision on consent to let. I am on a 2 year fix with them. I have always been on time with my monthly payments. I am planning a move to the countryside due to the family getting bigger. I will be sticking with my existing job and my salary has gone up thirty per cent since the mortgage commenced.
- I am a FTB in the process of trying to buy a flat. However I am potentially also going to be moving abroad within the next couple of years. I have mentioned this to my financial adviser who has informed me as long as nothing has been signed or confirmed you can go ahead and apply for a residential mortgage with Scottish Building Society. Once that's complete if it transpires that I need to move abroad he said can apply for a consent to let from Scottish Building Society. How would the property be treated for CGT purposes? From what I can tell there is some sort of tax relief if you have had to vacate your property to move abroad for work. is that right?
- Where can I find the Scottish Building Society consent to let form on your webpage I couldn't locate it on the web.
- I applied for consent but I did not get it as I did a remortgage in June but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some other criteria that will not be ok. On the other hand I can remortgage with Scottish Building Society but will they give me consent straight away?
- I have a FTB mortgage with Scottish Building Society which is only seven weeks long but I have been relocated with work. How easy is it to obtain consent to let from Scottish Building Society for a mortgage that has only recently started and I have just purchased the property?
- I have a mortgage with Scottish Building Society taken four months back where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Scottish Building Society as I am planning to buy a further property.
- I am currently remortgaging and exploring the flexibility of certain mortgage providers when it comes to consent to let. Scottish Building Society is one of the lenders I am thinking of going with. How accommodating are they are far as consent to let is concerned?
- What happens if a borrower has already let the property for some years as an HMO and now want to go legit with Scottish Building Society by obtaining consent to let ? (assume Scottish Building Society had previously granted a standard mortgage in the past)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Scottish Building Society consent to let information
Tax and Legal
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.
Insurance
One thing to remember when arranging a consent to let mortgage with Scottish Building Society 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 regular 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
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed