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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.
Top Five Questions relating to Lloyds TSB Scotland consent to lease
- I've got an existing homeloan with Lloyds TSB Scotland for almost 2 years and the fixed rate is due to expire. We are thinking of releasing equity from our existing place to allow us to buy a new larger house and then let out the current two bedroom second floor purpose built flat. We have had initial advice that we ought to look for a new residential mortgage with a consent to let - what does this mean?
- How likely are Lloyds TSB Scotland in granting Consent To Let on a three bedroom second floor purpose built maisonette? Agents have had it on the market for three weeks. I am keen to sell but I'm worried that given the lack of interest I will have to get a tenant in to cover the monthly payments to Lloyds TSB Scotland (I do not now live at the address). My preference is to be honest with Lloyds TSB Scotland than do it on the sly but I'm not sure how accomodating they would be.
- I have been reckless in not informing Lloyds TSB Scotland that I’m leasing my garden flat out. The latest tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Lloyds TSB Scotland, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- We are in need of a larger house so our kids don't have to bunk together. We are thinking about buying another house next year. The house is estimated to be worth £155,00 and we have about £85k remaining on the Lloyds TSB Scotland mortgage. We would prefer to keep this house as an investment property and let it out with consent to let. Is it possible to get a mortgage on two properties at the same time or do we need to fully pay off our current mortgage first?
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Lloyds TSB Scotland?
- My wife and I are endeavouring to find out which mortgage providers are best for allowing consent-to-let without hiking up rates, and hopefully permitting in excess of 2 years where required. Is that something you can assist me with? We are particularly interested in Lloyds TSB Scotland
- I have fixed rate mortgage with Lloyds TSB Scotland. I am going have to lease out my house due to necessity. Were I to apply for consent to let, will I have to pay significantly more interest?
- We are looking in more information regarding consent to let from Lloyds TSB Scotland. Would a valid reason be issues with neighbours and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Lloyds TSB 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
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
If your property is 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 conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Lloyds TSB Scotland