Need Help?
Need professional advice for your consent to let with Scottish Widows Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to Scottish Widows consent to let
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A friend of mine suggested that this winter I rent out my flat and generate some income whilst on vacation. I only plan to be away for a month. Is advanced consent to let from Scottish Widows required?
- I am looking to move house and I am wondering if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid thus being chain free and then lease my property out once I move. Will my lender Scottish Widows grant consent to let for six months if they know I am wanting to purchase somewhere else or only if I am relocating temporarily with work?
- My brother and his fiance currently lodge with me at my two bedroom maisonette. Next Summer I would like to move out of the property and in with my OH. How likely is it that I will be able to get consent to let from Scottish Widows after only having the mortgage for 6 months?
- Enquiring if Scottish Widows perform any checks when obtaining a homeowner mortgage, I'm ideally looking to rent the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I rent the house out?
- I have a mortgage with Scottish Widows and am considering letting it for eight weeks while on holiday. Will Scottish Widows consent to this?
- I would like to know the criteria for consent to let from Scottish Widows and what fees are involved. I've moved in with my wife and have a family member wanting to let out the property.
- My wife and I are about to switch mortgage provider to Scottish Widows for a fixed rate but the likelihood is that I will need to rent the flat out for approximately one year. Do Scottish Widows consent to let on fixed rate mortgages and if so, what are the procedures.
- I am looking for some generic information on consent to let. I already have a mortgage in place with Scottish Widows. I have been given approval to temporarily rent out my flat from the freeholder of the block and they asked for a copy of the consent to from Scottish Widows.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Scottish Widows 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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 Widows