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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.
Recently asked questions relating to Lloyds TSB Scotland consent to lease
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I have been letting out my flat with "consent to let" from Lloyds TSB Scotland on a residential mortgage for the last two years. Lloyds TSB Scotland have just written retracting their consent to let if we do not convert to one of their "buy to let" mortgages.
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Bottom line - if worst comes to the worst what action Lloyds TSB Scotland can take if I have rented my property in the absence of consent to let?
- My partner and I are intending to buy a garden flat with ten per cent down payment with the intention of living there. Somewhat fortuitously the in-laws plan to move abroad If we were to go ahead with a residential mortgage with Lloyds TSB Scotland would there be any issues with negotiating consent to let ?
- We are hoping to make use of equity in my present house to acquire another property which I propose to live in whilst I do it up. My preference is to let out my existing property with the Lloyds TSB Scotland mortgage. How likely is it that I will be granted consent to let? House is valued at £350 k with a £125k home loan in place.
- I'm gathering some information on whether consent to let is something available to me? We have a mortgage with Lloyds TSB Scotland and are thinking of leasing the property out for two years, but cannot really afford to switch to a buy to let mortgage. Is consent to let a viable option rather than to switching to a buy to let rate?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Lloyds TSB Scotland. Does it make a difference that I only recently out the mortgage four months ago?
- I would like to get consent to let from Lloyds TSB Scotland for two years at which point I can turn it into a buy to let. Is this achievable
- Just a quick one. Will Lloyds TSB Scotland force me into a consent to let product while I'm in a fixed rate product for 2 years?
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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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Lloyds TSB Scotland