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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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Are any options available to me if my request to obtain consent to lease is rejected by Bank of Scotland?
- I currently have a normal mortgage with Bank of Scotland. My company has offered me a home as part of my job and want to rent out my current house. The mortgage advisor seems confident that it is a formality. Are you able to provide me with some information please?
- We would like to be informed of what the policy is for Bank of Scotland for consent to let. I have heard contradictory suggestions in relation to fees and rates. I need to move area for career reasons but I don't want to sell the property due to a depressed market.
- I have a normal mortgage coming up for renewal with Bank of Scotland. I have had the property rented out for two years and I now realise I should come clean to Bank of Scotland. I am led to believe that I can seek consent to lease, but bearing in mind that the property has already been let out could they deny - insist I swap to a BTL rate and issue a penalty? I have over 50% equity in the property - and the rental income far exceeds the monthly loan payments.
- This is not a question specific to Bank of Scotland but do mortgage companies generally provide the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- Bank of Scotland. Will they grant consent to let a property for 18 months? I reoccupy as an owner.
- My wife and I want to let our house out and use the rental income to pay rent on a house in Westminster. What are the chances of being given consent to let by Bank of Scotland without being forced onto a BTL product.
- I have a mortgage with Bank of Scotland and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. How feasible are consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with 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
Omitting 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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