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.
Frequently asked questions relating to Scottish Building Society consent to lease
- Me and my brother jointly own a property in Barnet with a Scottish Building Society mortgage. I want to vacate and purchase a house with my fiancee. How do I deal with finding a tenant for my room? Would I need consent to let via Scottish Building Society. My brother will continue to reside in the flat
- I have a mortgage with Scottish Building Society however my husband and I will be emigrating to the US in January. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- We have a fixed rate mortgage with Scottish Building Society for 2 yrs and have been living in the apartment for just over one year. Due a job opportunity abroad I need to move so I would like to let the place out. How can I get consent to let from Scottish Building Society?
- We are planning to let my house for a year from 30th August 2015. Is there a standard format for a letter I can use to send to Scottish Building Society to apply for consent to let.
- My wife and I have already let but only just realised Scottish Building Society ought to have been told and consent to let applied for - can consent be obtained retrospectively?
- I would like to lease out my property. Do I just mail a letter to Scottish Building Society requesting consent to let out the property?
- I am interested in some advice on how best to approach my mortgage provider Scottish Building Society regarding a 'Consent-to-Let' application. Is this something you can help with ?
- Do you have the address to which a Consent to Let request to be sent for Scottish Building Society? Sorry about bothering you with this query.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Scottish Building Society consent to let Questions and Answers
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
If 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 notify 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 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed