Need Help?
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.
Examples of recent questions relating to Bank of Scotland consent to let
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Can one refinance on a consent to let with Bank of Scotland?
- I have a residential mortgage with Bank of Scotland and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet owned by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time on assignment I want to rent out my house in Brent and live with my father when on shore. What's involved in getting consent to let? Can it be granted? and does it involve an increase in interest rates?
- Me and my sister and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We presently have a Bank of Scotland mortgage. What are the fees involved and time limits on consent to let agreements?
- My girlfriend and I (joint owner) are thinking of refinancing with Bank of Scotland. I was conducting some research concerning consent to let from Bank of Scotland to understand the rules around potentially leasing our current apartment out (probably in a in a couple of years time) if we moved away. The flat in question was a first-time purchase for us about 2 years ago. Currently we are living there.
- Just wondering if it's possible if you own one property with consent to let from Bank of Scotland, to purchase another with a homeowner mortgage to live in. Then once the consent runs out on the first property, to switch to buy to let or sell it?
- There is a chance of me going to Aus for twelve months with work. Planning on taking my partner with me and hoping to rent our Camden property in the meantime on a short term basis to make matters more cost effective. I was just wondering if there any fees for obtaining consent to let
- Just wanted to know what needs to be provided to Bank of Scotland in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another apartment with my boyfriend.
- Is there a time limit on a consent to let from Bank of Scotland? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Bank of Scotland 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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