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.
Bank of Scotland consent to let: Q and A’s
- My flat has a mortgage against it with Bank of Scotland and I have been renting my flat minus consent to let, which I am now led to believe means I am in contravention of my mortgage terms and condition. I think that they have found out that I am not residing there. What negotiating options do I have if I don't sell it before they are on notice that I am in breach of my conditions?
- I wish to acquire a second house having recently purchased a studio flat on domestic mortgage. Looking to purchase next year. I am told that I may need consent to let from Bank of Scotland, my current mortgage provider? What is the best way to go about this and procure the permission required.
- Since we are relocating and unable to sell our flat, we are mulling over renting it out. Is it necessary to advise Bank of Scotland? I am concerned that Bank of Scotland might change our terms. I thought if you continued paying on time it shouldn't be a problem, but am now nervous about insurance ramifications if we haven't got consent to let. Any feedback?
- I bought a garden flat in Tower Hamlets in 2008 and remortgaged with Bank of Scotland on a rate which expires in the later this year. If I go abroad and want to let out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- If I let my property with consent to let from Bank of Scotland will there be any rate increase? I am currently on a standard variable rate.
- I have a consent to let letter that I have attained from my management company. I presume I need to attaching this with a letter to Bank of Scotland with a view to seeking consent to let from them. What address shall I mail it to?
- I want to apply for consent to let from my lender Bank of Scotland to lease out my house. . Can you tell me if Bank of Scotland issue consent to let in this situation?
- 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.
Important warnings to consider in further to the above Bank of Scotland consent to let Info
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
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 notify them may 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
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 conditions are not complied with you may be in breach 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland