Need Help?
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.
Examples of recent questions relating to Scottish Widows consent to let
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My husband and I purchased a terraced property in 2011 for 155,000 with Scottish Widows. My husband’s job requires him to relocate to Gibraltar and now wish to obtain consent to let from Scottish Widows. Will they give consent?
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We've been renting my wife's old house out with "consent to let" from Scottish Widows on a regular mortgage for the last 24 months. Scottish Widows have just written withdrawing their consent to let unless we swap to one of their "buy to let" mortgages.
- We are currently 1 year into a year fixed rate mortgage with Scottish Widows. We would like to buy a larger second property in the coming months however would prefer to retain the first home and I was wondering what reason we could put down on the consent to let application to obtain consent to from Scottish Widows
- Am I obliged to notify Scottish Widows of my intention to rent my property out as a holiday let for twelve weeks. Can you shed any light on this? I am taking separate advice on the insurance, legal and tax side of things .
- Scottish Widows homeowner mortgage. Will they issue consent to let a house for 18 months? I will move back in again as an owner.
- I am interested in some guidance on how best to approach my mortgage lender Scottish Widows regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- Just wanted to know how to obtain a consent to let from Scottish Widows with whom I have a mortgage with. There is a remaining balance of 47k. The value of flat is 220k. Its in my name but my wife and I would like to purchase a one bed flat in Waltham Forest we have seen together. How do we go about this?
- Do you know whether there a time limit on a consent to let from Scottish Widows? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Scottish Widows 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may trigger your insurance becoming invalid. 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 provisions in the lease may prevent you from letting or require that you obtain the consent of 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
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Scottish Widows your property may be repossessed