Need professional advice for your consent to let with The Royal Bank of Scotland plc Direct Line Mortgages? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I bought a flat in 209 for 230,00 with RBS - Direct Line. My husbands career requires that we move to Gibraltar and now wish to have to get consent to let from RBS - Direct Line. Will they give permission?
Doing everything by the book I’ve been leasing out my house with "consent to let" from RBS - Direct Line on a standard mortgage for the last 24 months. RBS - Direct Line have just written withdrawing their consent to let unless we switch to one of their "buy to let" loans.
There are numerous potential 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.
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 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.