Need Help?
Need professional advice for your consent to let with Scottish Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Scottish Building Society consent to lease
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I work for letting specialists in loc and have been ask but a prospective tenant of a property for evidence of the ‘consent to let’ from the owners lender Scottish Building Society. Is this a new type standard inquiry?
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I am in a pickle with a Consent to Let mortgage. In response to requesting consent to let the lender has asked me to provide them with a signed Assured Shorthold Tenancy prior to issuing permission. Is is not the case that if I adhered to their request that I would be breaching the lender’s terms and conditions?
- me and my wife have just sorted our rates for another fixed five years with Scottish Building Society. Subsequently, I went to an interview and basically I accepted the job offer in Redbridge. I'm going to rent a small flat for me and my family in Tower Hamlets as we don't want to sell the house and moreover we might come back within a couple of years.... We really have no idea how things will go. We have contacted Scottish Building Society but we would like also your take on the situation. Is it possible to have a consent to let in that case as we just got a fixed 5 years rate we really don't want to lose this rate.
- My lawyers have served eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been issued. The tenant's defense for refusal to pay is premised on the claim that I do not have consent to let my 2 bed flat from my lender Scottish Building Society
- I'm possibly going to Aus for a year with work. Planning on taking the husband with me and hoping to rent our Enfield property in the meantime on a temp basis to make things more cost effective. I was just enquiring I have filled in my application form but I'm unsure where to send it
- I plan to buy a new house but can't afford to sell the existing flat with a Scottish Building Society mortgage. Do you know acceptable terms for Scottish Building Society to issue consent to let? Is getting married and having kids a good enough reason to to ask for consent to let?
- I am looking to get consent to let with my Scottish Building Society residential mortgage. It is a detached house. Do Scottish Building Society grant consent on this basis? Or would it be regarded as an HMO?
- I am interested in consent to let for my property mortgaged with Scottish Building Society. How do I proceed? Do I have to apply to Scottish Building Society and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Scottish Building Society 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
One thing to remember when arranging a consent to let mortgage with Scottish Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
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.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed