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.
Recently asked questions relating to Scottish Building Society consent to lease
-
I am employed by a letting agency in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender Scottish Building Society. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
- I wish to buy a second property having recently bought a maisonette on normal mortgage. Looking to purchase in a few months time. I am told that I may require consent to let from Scottish Building Society, my existing mortgage provider? What is the best way to go about this and gain the permission required.
- As things stand we have a five year fixed rate home loan with Scottish Building Society that we're about eleven months into. Our situation has now changed and we wish to let out our house for a year and whilst we relocate to Lewisham. How do we minimise the risk of Scottish Building Society rejecting consent to let.
- Me and my partner are about to buy a place together. Intention is for me to get consent to let my property from Scottish Building Society. Thinking about the future - when my two year fixed period expires - how would it work if I wanted to refinance then?
- We are 12 months into a five year residential mortgage with Scottish Building Society. Just wondering if it's ok to lease out the flat on my current home loan. Will Scottish Building Society give consent to let?
- I am looking for some generic information on consent to let with Scottish Building Society: I am moving abroad. Potentially for a number of years. However I will be on a four month test period .I'm wanting to know the criteria for consent to let from Scottish Building Society and any costs to be incurred
- I would like details of how to go about gaining consent to let from Scottish Building Society and what, if any, cost I face.
- My husband and I want to consider the option of letting out my property with consent to let from Scottish Building Society whist away travelling for four months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Scottish Building Society consent to let information
Tax and Legal
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.
Insurance
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.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Building Society