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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
- Me and my sister and I I have a domestic mortgage with Scottish Building Society but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Scottish Building Society?
- I've been provided with a job opportunity 250 miles from home and considering whether it's a good idea leasing my house out. Will Scottish Building Society permit me to switch mortgage or grant consent to let? If not I will have to consider if I should accept the promotion. I have no objection to paying more as it is likely that I will return and live in my home after 1 to 3 years. My agenda here is not to to make money. Just love my house and wish to return to it at some point in the future.
- I'm looking to remortgage our old garden flat, currently let out with consent to let from Scottish Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really au fait with what is available in this area. Are you able to offer any advice on an efficient broker service specialising in BTL?
- Resulting from a change in family circumstances my husband and I are housesitting my mum and dad’s house while they are away and letting our flat out. We are going to need for consent to let from Scottish Building Society. Will this be forthcoming? We will need to remortgage in the next year will we then have to move to a BTL product. We intend to return to our flat at within the next twelve months?
- Are you able to help? I am just enquiring if Scottish Building Society offer consent to let as an option should I decided to let out my home under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- What information should I include in a letter asking for consent to let my property in Greenwich? I would like to send a request to my lender Scottish Building Society.
- Are you aware of any discretion in the accepted equity ration before transferring from a current Scottish Building Society mortgage to a consent to let?
- I'm interested to find out more regarding consent to let from Scottish Building Society. Would a valid reason be parking problems and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Scottish Building Society consent to let Questions and Answers
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
Where 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 invalid. 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
Should the tenure of your property be 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 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Building Society