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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.
Scottish Building Society Consent to Lease Example Support Desk Enquires
- I have a three bedroom leasehold flat via a Scottish Building Society mortgage and have a lodger in the one of the room. I have decided to relocate to Lewisham and will rent there. My lodger doesn't want to move out so has agreed to pay a higher rent. Must I seek consent to let via Scottish Building Society?
- We recently sorted our rates for another fixed period with Scottish Building Society. Subsequently, I went to an interview and basically I accepted the job offer in Croydon. I'm going to rent a one bed flat for me and my family in Ealing as we don't wish to sell the house whist there is a possibility that we come back before two years.... We really don't know how things will work out. We called Scottish Building Society but we would appreciate your take on the situation. Is it possible to get consent to let in that case as we just got a fixed 5 years rate we really don't want to swap this.
- I am planning to apply for consent to let from my existing mortgage lender Scottish Building Society. A colleague of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- I have been renting out my flat to students for three years but not on a buy to let mortgage as I naively considered that you only needed a BTL if you had more than one property. In trying to purchase a further property, I discovered that I should have obtained consent to let at the outset from my lender Scottish Building Society. I'm curious as to whether I can now seek consent to let from Scottish Building Society?
- I would like to know the criteria for consent to let from Scottish Building Society and any costs involved. Recently I have moved in with my partner and have a colleague renting from me.
- I don't currently have consent to let from Scottish Building Society but I would like to apply, I am looking at working away for two years. But want to keep my property for my return - can you assist?
- My fiance and I have a consent to let letter that I have attained from my management company. I presume I need to attaching this with a letter to Scottish Building Society with a view to getting a consent to let from them. What address shall I post it to?
- My husband and I have three months to left on a 2 year residential mortgage with Scottish Building Society but now lease the house out. is it safe to assume they will just charge a flat fee for consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Scottish Building Society consent to let Info
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 regular 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 provisions in the lease may prevent 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
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings 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