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.
I am a first time buyer looking to purchase a detached house in Royal Bank of Scotland -Natwest One. I have a good size deposit and expect a mortgage from Royal Bank of Scotland -Natwest One. My dilemma is that my fiancee has a apartment in Dover and I anticipate moving in next month, when I would have to let out my house. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
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.
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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure 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.