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.
Recently asked questions relating to Bank of Scotland consent to lease
-
Is consent to lease required from Bank of Scotland or can I lease out my basement flat without telling Bank of Scotland and having to convert to a buy-to-let loan?
- What information do Bank of Scotland require to have to make a decision on consent to let. I am on a 5 year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to Redbridge owing to the family getting bigger. I will be sticking with my existing job and my salary has increased by 20% since the mortgage started.
- What is the procedures for obtaining consent to let from Bank of Scotland? What information do they need? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide to sell the property rather than let out the property?
- I want to rent out my current property as I wish to acquire a bigger house for the family. I have a mortgage with Bank of Scotland. On the basis I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I remortgage after a couple of years with another lender? What ramifications does that have aside from the higher rates - do I need a higher equity portion in the property too ie lower ltv?
- I took a residential mortgage with Bank of Scotland and with my circumstances changing significantly in the last three months, can I obtain consent to let. What changes will affect me?
- We have already let but only just realised Bank of Scotland should've been told and consent to let applied for - what's the best course of action now?
- This is not a question specific to Bank of Scotland but do lenders generally supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I got a homeowner mortgage with Bank of Scotland. I purchased the property in September last year. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition 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
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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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