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Need professional advice for your consent to let with Lloyds TSB Scotland plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Lloyds TSB Scotland consent to let: Q and A’s
- My fiance and I have a standard mortgage with Lloyds TSB Scotland. My company has offered me a home as part of my job and want to lease out my existing house. The financial broker seems confident that it is a formality. Are you able to provide me with some information please?
- I have recently been offered a job 250 miles from home and considering whether it's a good idea leasing my house out. Will Lloyds TSB Scotland allow me to switch mortgage or grant consent to let? If not I will have to think about whether I should accept the job. I wouldn't mind paying an increased amount as I intend to come back and live in my home after twenty four months. I'm not doing it to to make money. Just love my property and want to return to it one day.
- I have a homeowner mortgage on a garden flat in Greenwich but have rented it out without making Lloyds TSB Scotland aware of this. I now require a consent to let letter. How can I get one?
- How long after taking out a new mortgage will a consent to let be likely to be granted by Lloyds TSB Scotland? To give some history I bought my apartment in Barnet nearly two years ago and am currently on a fixed term for 3 years. Not long after I met a guy and plan to move in to his place. I intend to get another fixed term next June. I assume that I would have to wait at least 6 months before I could seek consent to let. Is that right?
- A work promotions now necessitates that Ibe in different countries a lot and as a result I wanted to get to grips with the process for getting consent to let with Lloyds TSB Scotland
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Lloyds TSB Scotland. My property is worth approx £185k and owe £57k on it. How likely is it that Lloyds TSB Scotland increase my interest rate?
- I am relocating for work for up to a year... I was wondering if I was able to gain from Lloyds TSB Scotland consent to let the house out while overseas as I do not want to leave it empty for that period
- Are you aware if there is usually a required LTV before Lloyds TSB Scotland will consider consent to let?
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General Advice to read in in addition to the above Lloyds TSB Scotland consent to let Questions and Answers
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
Failure 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 provisions in the lease may prevent 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed