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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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I have a residential mortgage over my residence in loc and intend to move to country for two years. During this period it would be ideal if I could let out my apartment. My bank says I cannot have consent to let. I don’t really want a buy to let loan as it’s only for a limited time-frame that I am abroad for.
- I have my three bed flat in Bromley on the market but notwithstanding a few viewers there is a lack of interest so far. As a fall back position I am considering letting out the property if it doesn't sell. I dont foresee a problem getting consent to let from the freeholder. My financial adviser says that in such a scenario I may need to switch to a B2L mortgage yet the chances are that I don't have sufficient equity. What's my exposure if I were to just keep the existing Bank of Scotland home loan and let the property out on the QT I was told that they can put a marker on you for mortgage fraud once find out. Is that right?
- I have a Bank of Scotland mortgage and have been renting my flat omitting to get consent to let, which I am now led to believe means I am in contravention of my mortgage conditions. They may have suspicions that I am not residing there. What are the legal ramifications of my failure to obtain consent to let?
- Me and my partner are soon to purchase a property together. Plan is for me to get consent to let my property from Bank of Scotland. Thinking a little down the line however - when my two year fixed comes to an end - how would it work if I wanted to refinance my flat?
- I am looking to Bank of Scotland to issue me with consent to let out my flat in Southwark. I am moving to India for Six months on a secondment.
- If I am tied into a fixed rate with Bank of Scotland but am considering letting out my property, is there a charge for consent to let from Bank of Scotland and does the interest rate get uplifted?
- My fixed rate loan with Bank of Scotland expires in January and have to relocate for work soon after. Will I be able to both remortgage and get consent to let?
- I would be interested to know what information I should include in a letter seeking consent to let my house in Southwark? I would like to send a request to my lender Bank of Scotland.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
If 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 may result in 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 lease may prohibit 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 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 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