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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.
Examples of recent questions relating to Lloyds TSB Scotland consent to let
- What's the difference btw consent to let and buy to let? Also is the property subject to Capital Gains Tax if sold?
- I'm looking to apply to Lloyds TSB Scotland for consent to let on our current residential property in Hackney. I am planning to draw down equity from my existing property before doing so, and using that money to purchase a new residential property. I will stay in that property whilst doing it up for 6 months at which point I plan to sell it then move back to my current property. Is this something Lloyds TSB Scotland will consider consent to let for or does this fall outside the standard criteria?
- I found tenants for my house a year ago and didn't tell Lloyds TSB Scotland. I have a five year domestic mortgage (large amount of equity in it, never defaulted) and want to let Lloyds TSB Scotland know and get consent to let for the remaining two years of my mortgage . I am unsure what to do.
- I got a homeowner mortgage with Lloyds TSB Scotland last October and then had to relocate due to my job, I am now looking to letting my apartment out for six months whilst I am abroad. Am I able to get a consent to let from Lloyds TSB Scotland, and what effect would this have?
- My marital situation has changed, and I would like to lease my place out - meaning consent to let- I have about £175K loan with Lloyds TSB Scotland and currently 85k equity I need to side-step the early repayment fees.
- I would like to know if I have a domestic mortgage with Lloyds TSB Scotland and decide to lease it out, does the rate get loaded and are there any additional fees for obtaining consent to let.
- I recently purchased a property with 10% deposit for personal uses. A mortgage was taken with Lloyds TSB Scotland. However my circumstances have now changed. I am being transferred overseas. Am I able to get consent to let from Lloyds TSB Scotland and put the property up to let?
- I currently have a residential mortgage with Lloyds TSB Scotland and plan on letting due to work being based in London. In seeking consent to let from Lloyds TSB Scotland do I run the risk of them forcing me to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Lloyds TSB Scotland consent to let Advice
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 could trigger your insurance becoming invalid. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Lloyds TSB Scotland