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.
Sample questions relating to Scottish Building Society consent to let
- I'm just looking here for a my nephew as he’s at work who has a mortgage with Scottish Building Society. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job overseas away for 2 years and was thinking about renting the flat out while he is away.
- I cannot locate the form to download "consent to let" on the Scottish Building Society website. Could you please send me the URL to do it? Thanks a lot.
- If a property owner opts to rent out their property without consent to let from Scottish Building Society - what, if any implication could there be for an agent acting on their behalf?
- I have an existing Scottish Building Society loan on a property for the last nine years. Fast forward and I have got married and live in my husband’s home. At the moment the property is vacant and we either need to sell or let it out. Obviously this will not be a short term agreement as the probability of moving back is low. What should I advise Scottish Building Society with a view to obtaining consent to let?
- I am considering renting out my house via a consent to let from Scottish Building Society, what fees are likely to be incurred?
- My work commitments are changing and this could result in mebe in different places a lot and in the circumstances I wanted to get to grips with the procedure for seeking consent to let with Scottish Building Society
- Just looking for some advice. I already have a mortgage in place with Scottish Building Society. I have had licence to sublet my flat from the freeholder of the block and they asked if I have consent to from Scottish Building Society.
- I am looking at taking a job in France and have been advised that I need to let Scottish Building Society know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to 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
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 notify them could trigger your insurance becoming null and void. 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
If your property is 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 potentially result in 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