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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.
Frequently asked questions relating to Scottish Widows consent to lease
- I have had a current mortgage with Scottish Widows for almost 18 months and the fixed rate is due to be renegotiated. We are looking at releasing equity from our present place to allow us to purchase a bigger home and then let out the current ground floor flat. We were originally informed that we should get a new residential mortgage allowing for consent to let - can you explain what this is?
- I remortgaged with Scottish Widows recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a second property for residential purposes and lease the old property out with consent to let. Is that likely to be a problem?
- We have a standard variable mortgage with Scottish Widows that we are having problems gaining consent to let as a result of being in New York and leasing the apartment such a long time ago without their consent which was a blunder on our part. We have a 38% LVR and made overpayments of £500pm for six years so we are not in arrears. We would happily move onto a buy to let rate with them at a bumped up rate yet that has not been offered to us.
- Is it right that mortgage companies (I have a mortgage with Scottish Widows) may start taking a more lenient approach towards consent to let? A broker recently informed me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. Therefore if I switch from a residential to a BTL I am moving to a regulated product. His belief was that under the current regulation banks are wary of letting borrowers do this, which may explain why some mortgage providers will allow customers have consent to let but not move to a Buy to let product. Is this correct?
- What is the longest period that Scottish Widows is willing to issue Consent To Let for?
- Can I refinance with Scottish Widows with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- I have only recently completed my mortgage with Scottish Widows since when my boyfriend has proposed and we are deciding whether to reside in his house or my property. Would I be issued consent to let if I decided to move in with him
- What are the changes that Scottish Widows force me into a consent to let product while I'm in a fixed rate product for 2 years?
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Important warnings to consider in conjunction with the above Scottish Widows consent to let information
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 lease may prohibit 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 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