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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.
Bank of Scotland consent to let: Q and A’s
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My fiance and I may need to lease our Islington home temporarily due to a new job. This will be for a limited period but possibly for as long as 2 years. Must I notify Bank of Scotland or do I remain silent?
- I have just been presented with a once in a lifetime job opportunity for 9 months in New York. I do have sufficient savings to cover the monthly Bank of Scotland mortgage however the block insurance stipulates that the property must be occupied in order not to be invalidated. Last December the roof had some leaks that were repaired. Should there be any problems through the winter months I would find it hard to cover the remedial works. How likely is it that I will get consent to let by Bank of Scotland for the period I am overseas?
- We have a fixed mortgage with Bank of Scotland (with just under two years remaining) but due to redundancy want to move away from London (actually to a new job in Belgium) and so want to rent the property out. We don't want to have the expense of the penalty cancellation of existing mortgage and understand that some lenders are content to grant this 'consent'...what is the policy adopted by Bank of Scotland?
- My husband and I may have to rent his property out. I am aware that I must obtain consent to let from Bank of Scotland. We plan on joining a landlord association should we decide to let the flat, but which of the two should we join? We've come across the RLA and National Landlords Association.
- I am looking to Bank of Scotland to grant consent to let out my home in Lewisham. I am moving to India for 6 months on a secondment.
- I have a consent to let letter that I have obtained from my management company. I presume I need to send this with a letter to Bank of Scotland with a view to being given consent to let from them. What address shall I mail it to?
- My OH and I would like to obtain consent to let on a house where we have a mortgage with Bank of Scotland. If issued, how long would consent be given for? In asking for consent to let from Bank of Scotland are we running the risk of them forcing us to change deal to B2L
- I need to contact Bank of Scotland to enquire about renting out my house. Will they send a document to me. Is there a form I can download?
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Important warnings to consider in in addition to the above Bank of Scotland 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 could trigger your insurance becoming null and void. 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 restrictions are not strictly observed you may be in violation of your covenants under 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.
If you do not keep up the payments on your mortgage with Bank of Scotland your property may be repossessed