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Need professional advice for your consent to let with Bank of Scotland? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Questions and Answers: Bank of Scotland consent to let
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Will Bank of Scotland invoke a right to increase interest rates on a regular mortgage that has just been approved for Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
- What's the difference btw consent to let and buy to let? Also is the property subject to Capital Gains Tax if sold?
- My colleague is intent on letting his apartment out in the absence of consent to let from his mortgage provider Bank of Scotland. He has been on an interest only mortgage since 2009. Outstanding amount is £99k, having bought the flat for around £118k. If he lets the apartment out privately, exactly what sanctions is he likely to face?
- I have a property in Croydon with a Bank of Scotland mortgage but have not lived there for a while. My dad moved in but pays no rent. At the moment I live in rented premises and am looking to purchase a house. I have identified a perfect property at an attractive price. I have enough of a deposit to put down on the house I am interested in but would be a financial strain to pay enough off the old property to switch it to a BTL loan at the same time. Can I transfer the current Bank of Scotland mortgage for my old property into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I want to buy?
- I wish to let out a room in my house in Merton. Do I require consent to let from my mortgage provider Bank of Scotland?
- I am trying to find out if Bank of Scotland will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I am currently remortgaging and exploring the flexibility of certain lenders when it comes to consent to let. Bank of Scotland is one of the mortgage companies I am thinking of going with. How accommodating are they when it comes to consent to let?
- Me and my partner am looking into the option of letting out my home with consent to let from Bank of Scotland whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Bank of Scotland 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
If 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 could result in 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
Should the tenure of your property be 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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Bank of Scotland