Need professional advice for your consent to let with The Royal Bank of Scotland plc First Active? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My husband and I purchased a flat in 209 for 155,000 with RBS- First Active. I got married to someone in the RAF so moved in to married quarters in Belgium and appreciate that I have to request consent to let from RBS- First Active. Will they grant permission?
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.
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 notify them could 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Failure 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.