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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.
Questions and Answers: Scottish Building Society consent to let
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I have been letting out my flat with "consent to let" from Scottish Building Society on a standard mortgage for the past two years. Scottish Building Society have put forward an ultimatum revoking consent to let if we do not convert to one of their "buy to let" products.
- I am looking to emigrate to California . Rather than sell up, I wish to lease my current property out, just in case things don’t work out and I decide to come back in a couple of years. I have a current mortgage is with Scottish Building Society. Would I be able to remortgage with another mortgage company on a much lower interest rate then apply for Consent to Let once the re mortgage is in place?
- I am currently choosing a mortgage as FTB and considering Scottish Building Society with my broker. Suppose I choose a 5 year fixed rate I live at the property and after 2 years, I come to get an opportunity of work relocation effectively moving out the area. In the case Scottish Building Society issues me consent to let,does the interest rate load the interest rate?
- Earlier this year I rented out my studio flat having secured Consent to Let with my building society. 6 months have now gone by and they have loaded my repayment percentage as previously advised. I am unwilling to switch to a preferable product with them, as they will withdraw my consent to let. If I was to go with another provider such as Scottish Building Society, would I need to take out a Buy To Let loan or could I just refinance and obtain consent to let?
- My mortgage company refuse to grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this whilst lacking consent to let? I can't be certain but I think my friend had a similar issue with Scottish Building Society.
- How much is it to get a consent to let from Scottish Building Society on my residential property. Last week I moved in with my wife and have a colleague wanting to let out the property.
- Just wanted to know how to precure a consent to let from Scottish Building Society who I have a mortgage with. There is an outstanding balance of 87k. The value of property is 110k. Its in my name but my wife and I would like to purchase a garden flat in Lambeth we have seen together. How do we go about it?
- I was wondering if you could assist. I do not have consent to let from Scottish Building Society and was wondering if this option is available to me to move to as I have to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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