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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.
Common questions relating to Scottish Widows consent to lease
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My fixed rate mortgage is approaching refinancing with Scottish Widows. The house has been tenanted for a couple of years and I now realise that I need to notifyScottish Widows. My understanding is that I must apply for consent to lease, but bearing in mind that the property has already been let out could they deny - require that I go onto a BTL mortgage or even fine me? There is excellent equity - 30% LTV and have never missed any payments.
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I have a standard mortgage over my property in loc with the intention of moving abroad to country for two years. During this time frame I want to lease out my apartment. My bank has declined to grant me consent to let. I am not inclined to transfer to a buy to let mortgage as it’s only for a limited time-frame that I am abroad for.
- I would like to move home. The query I have is whether consent to let will be given on my house for me to subsequently obtain a loan offer for the new house so I can put in an offer chain free and subsequently let my property out once I move. Will Scottish Widows issue consent to let for 12 months? If so, and the letting goes to plan can the consent to let time limit be prolonged further?
- My brother and I are joint proprietors of a property in Merton with a Scottish Widows mortgage. I am looking to leave and purchase a house with my fiancee. How do I deal with renting out my room? Do I need consent to let from Scottish Widows. My brother will remain in the apartment
- Will Scottish Widows want to know my reasons for seeking consent to let? Should I inform them of my potential relocation abroad?
- I have a mortgage with Scottish Widows and am considering letting it for eight weeks while on holiday. Will Scottish Widows consent to this?
- If I let my property with consent to let from Scottish Widows will will theyload the interest rate? I am currently on a fixed rate for three years.
- I am already letting out my property but may have sussed that I am not living there. I have 5 months left on my fixed rate. Is it simple to get consent to let from Scottish Widows. Is it just a five minute phone call, pay the fee and that's it?
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General Advice to read in in addition to the above Scottish Widows consent to let Advice
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
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 standard 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
Should the tenure of your property be 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 restrictions are not strictly observed you may be in violation 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 commencing legal proceedings 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