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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.
Recently asked questions relating to Bank of Scotland consent to lease
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Me and my husband have a Bank of Scotland mortgage and are have made overpayments to bring the loan amount down, both employed etc. Can you tell me how much it will cost and if Bank of Scotland usually grant consent to let without porting the loan to a commercial rate?
- I have to move my daughter’s school by early-August and move to a different area. there is insufficient time to sell my house.The short term option is to let my property out. Currently I have buildings and contents insurance. Do I need different insurance? What should request from Bank of Scotland regards to consent to let?
- Since we are relocating and failing to find a buyer for our flat, we are mulling over letting it out. Am I required to advise Bank of Scotland? If we do, I think they will want to change our mortgage to buy to let and load the rate which we can't afford. I was hoping that if I continued making my monthly payments it shouldn't be a problem, but am now nervous about insurance implications if I have let my property out on the sly. Any feedback?
- Our fixed rate mortgage with Bank of Scotland ends 13th October. I am about to move to Manchester for my Job in November. I wish to rent the house initially. Can I get a consent to let the property?
- My wife and I are planning to ask Bank of Scotland for consent to let out our house in Merton. We are moving overseas for 2 years and wish to let it out. I failed to look into this when we took the Bank of Scotland mortgage, and that was due to the fact that we never foresaw an opportunity like this would come up so was planning on being in the house.
- I am 12 months into a three year residential mortgage with Bank of Scotland. Just enquiring whether it's ok to lease out the flat on my existing home loan. Will Bank of Scotland grant consent to let?
- I am already leasing out my flat but may have been sussed out. I have 5 months remaining on my fixed rate. How easy is it to get consent to let from Bank of Scotland. Is it just a quick phone call, pay the charge and it's done there and then?
- 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 are far as consent to let is concerned?
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Important warnings to consider in conjunction with the above Bank of Scotland consent to let information
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
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 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 restrictions are not strictly observed you may be in breach 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Bank of Scotland your property may be repossessed