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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.
Common questions relating to Lloyds TSB Scotland consent to lease
- I am looking to emigrate to California . As opposed to finding a buyer, I would like to lease my existing property out, just in case things fail to work out and I decide to come back in a couple of years. I have a current mortgage is with Lloyds TSB Scotland. Would I be able to remortgage with another mortgage lender on a much lower interest rate then apply for Consent to Let once the re mortgage has completed?
- How likely are Lloyds TSB Scotland in issuing me with Consent To Let on a one bed flat? Agents have had it on the market for three weeks. I am keen to sell but I'm concerned 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 reside at the address). I would prefer to be up front with Lloyds TSB Scotland than not tell them but I am worried as to how understanding they would be.
- I am contacting you on behalf of a friend who has a mortgage with Lloyds TSB Scotland. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job 120 miles away away for 2 years and was thinking about letting the place out while he is away.
- I own a three bed leasehold flat with a Lloyds TSB Scotland mortgage and have a lodger in the one of the room. I am about to take a job in a different city and will look for a property to rent. My lodger has asked to stay and is willing to pay a higher rent. Must I seek consent to let from Lloyds TSB Scotland?
- If I let my property with consent to let from Lloyds TSB Scotland will there be any rate uplift? I am presently on a standard variable rate.
- I am looking for some generic information on consent to let with Lloyds TSB Scotland: I am moving abroad. Potentially for a number of years. Nevertheless I will be on a 3 month trial period .I would like to know the criteria for consent to let from Lloyds TSB Scotland and what charges are involved
- I took a residential mortgage with Lloyds TSB Scotland, and I would like to lease the property out, until I decide whether to sell or keep it as an investment. As things stand I am on the standard variable rate. Will I need to remortgage? I.E. buy to let?
- Me and my husband may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for threeyears. Should I tell Lloyds TSB Scotland or do I keep schtum?
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 information
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
Where 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 trigger 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
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 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