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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
- We are first-time buyers, presently renting. We would ideally like to purchase a ground floor flat in Haringey. We want to move there, but will need to wait for a job - perhaps a couple of years. Do we have to get a B2L mortgage? Would it be possible to take a domestic mortgage with Scottish Widows, even though we won't be moving in straight away? Alternatively could we reside there for a short period of time , then start renting it with consent to let from Scottish Widows? I'm only interested in suggestions that are entirely legal, and wouldn't breach the provisions of the Scottish Widows mortgage.
- Earlier this week I got a DIP from Scottish Widows for a detached house. I have applied via a broker. It is a 20 year mortgage. I am curious as to what is the main criteria Scottish Widows adopt in order to allow customers consent to let? Is consent to let based on the rental amount for a property?
- We intend to lease our current property out early next year when we find a new house. This is to be done with consent to let from Scottish Widows. As of now the flat is in my name but I am a top rate tax payer. Do I need to do a Transfer of Equity to her or can I enter into a Declaration of Trust?
- I am planning to rent out my flat for 12 months from 15th November next year. Is there a template letter I can use to write to Scottish Widows to seek consent to let.
- This is not a question specific to Scottish Widows but do mortgage companies generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I took a domestic mortgage with Scottish Widows - 40% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could lease out the house?
- I am seeking consent to let for my house as I am moving out for six months currently fixed Scottish Widows mortgage with three years which is due in July next year.
- My partner and I have four months to remaining on a 2 year residential mortgage with Scottish Widows but now let the flat out. is it safe to assume they will just charge a set fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Scottish Widows consent to let Questions and Answers
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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows