Need Help?
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.
Frequently asked questions relating to Scottish Building Society consent to lease
-
Soon to be packing up as my partner and I are moving to Beijingin Month, possibly for a little as 9 months but conceivably longer term. I have contacted Scottish Building Society to obtain consent to let out our home in Scottish Building Society. The mortgage has been in place with Scottish Building Society for 9 years and I am up to date with payments. Scottish Building Society say, that even if they consent to the letting, that this will be limited consent for 12 months. What happens after one year?
- I have a ground floor flat but I am rarely there, exploring the possibility of renting it out. The mortgage is with Scottish Building Society, would I have to switch my mortgage product or do I try to get consent to let?
- I acquired a property in 2008 with the help of a housing association, I own 50% by way of bank loan and rent the other half. Three years ago I bought a new property. I let out my first property and moved to my new property. I got consent to let from my lender and I was under the assumption I had consent to let from the housing association. Earlier this week I was contacted by the housing association advising they had nothing on record to evidence I had procured consent to sublet. What are my options?
- How long after getting a new mortgage will a consent to let be likely to be given by Scottish Building Society? By way of history I bought my flat in Hackney 2 years ago and am currently on a fixed term for 3 years. I since met my partner and plan to move in together. I am planning to get another fixed term next December. I presume that I would have to hold back for at least 6 months before I could request a consent to let. Is that correct?
- Can I get an interest only mortgage with consent to let when my current Scottish Building Society deal runs out September 17?
- Me and my partner and I have a mortgage with Scottish Building Society on our ground floor flat in Barnet. We are hoping to buy a new house to move into. How do I move my current mortgage on to consent to let?
- I might potentially need consent to let from Scottish Building Society in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on how long you can let out a property with consent?
- Are you aware if there is normally a required loan to value amount before Scottish Building Society will consider consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Scottish Building Society consent to let Questions and Answers
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit you from letting or require that you to have a license to do so from 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
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.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed