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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.
Scottish Widows consent to let: Q and A’s
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I have been letting out my flat with "consent to let" from Scottish Widows on a standard mortgage for the last three years. Scottish Widows have put forward an ultimatum retracting their consent to let if we do not switch to one of their "buy to let" products.
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What options are open to me if my application to obtain consent to let is rejected by Scottish Widows?
- I have just come off the phone to Scottish Widows and they tell me that they are now aware that I am letting out the one bedroom first floor purpose built flat despite having a resi mortgage. I moved out two years ago for childcare reasons, was unable to sell and so had little option but to rent out the property. Do you know what the financial repercussions may be for me not seeking consent to let?
- I bought a property in 2006 on shared ownership basis, I own half via bank loan and rent the remaining half. Three years ago I purchased a new home. I let out my first property and moved to the new property. I secured consent to let from my lender and I thought I had consent to let from the housing association. Yesterday I was contacted by the housing association advising they had nothing on record indicating I had obtained permission to sublet. What are my options?
- I was just enquiring if Scottish Widows were picky when giving out consent to let. I sent my request on date and I am waiting to hear back. Should I start chasing or wait for a bit longer?
- I wondered if you could help clarify the process for being given consent to let by Scottish Widows? Is there certain requirements for example you must have owned the property for over 6 or 12 months before its issued?
- Scottish Widows - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- Please can you provide me with details of how to proceed with gaining consent to let from Scottish Widows and what, if any, fees apply.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
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 conditions are not complied with you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows