Need professional advice for your consent to let with The Royal Bank of Scotland plc Natwest One Account? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My wife and I may need to lease our Islington home for a while due to a career opportunity. This will be short-term but perhaps for 4 years. Should I tell Royal Bank of Scotland -Natwest One or should I not rock the boat?
Me and my husband have a Royal Bank of Scotland -Natwest One mortgage and are are not in arrears, both employed etc. Can you tell me how much it will cost and if Royal Bank of Scotland -Natwest One are likely to give us consent to let without porting the loan to a new mortgage product?
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.
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Neglecting to advise 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.