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Need professional advice for your consent to let with Scottish Widows Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Scottish Widows consent to lease
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Soon to be packing up as my wife and I plan to return to Germanyin Month, possibly for a little as 9 months but potentially longer term. We have just applied to Scottish Widows for consent to let out my home in Scottish Widows. The mortgage has been in place with Scottish Widows for three years and I am up to date with payments. Scottish Widows inform me, that even if they consent to the letting, that this will be a temporary arrangement for 12 months. What happens after one year?
- My brother and I jointly own a small apartment in Greenwich with a Scottish Widows mortgage. I am looking to vacate and buy a house with my fiancee. How would I deal with finding a tenant for my room? Do I need consent to let from Scottish Widows. My brother will stay in the property
- Your view would be appreciated as to whether consent to let from Scottish Widows is the best approach. I acquired my house last July by porting a Scottish Widows mortgage product. My fixed term finished two months ago I'm thinking about moving in with a new partner. I don't want to sell my property yet as I'm unsure of whether the new move will work out. I just wanted an idea of whether a consent to let from Scottish Widows would be possible?
- My property has had a mortgage against it with Scottish Widows for the last nine years. Since then I've married and live in my husband’s home. At the moment the property is empty and we either need to sell or let it out. Obviously this will not be a short term proposition as I can't see me move back in. What should I tell Scottish Widows in order to get consent to let?
- Hello, what documents or paperwork would Scottish Widows require for a consent to let letter?
- A work promotions now necessitates that Ibe in different places every month and in the circumstances I wish to get to grips with the process for seeking consent to let with Scottish Widows
- I have a mortgage with Scottish Widows but am wanting to lease my house out and move in with my fiance and baby what is required to obtain consent to let?
- I have a standard homeloan with Scottish Widows. I acquired the property in March two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Scottish Widows consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Scottish Widows 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
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Widows your property may be repossessed