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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.
Common questions relating to Scottish Widows consent to lease
- I have a normal mortgage with Scottish Widows and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet run by the Ministry of Defence. I will be at sea four months on and three months in the UK. During my time away I want to lease out my house in Waltham Forest and move in with my father when on shore. Will this be granted?
- I am a couple of years up in my five year fixed rate mortgage and intend to take a job abroad so wish to let my flat for two years. My L2V is around 60%. Are you able to clarify if Scottish Widows will load the interest rate for consent to let for the period of my letting?
- Me and my partner and I I have a residential mortgage with Scottish Widows but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Scottish Widows?
- Just a quick question as I am a bit clueless and wondering if Scottish Widows perform any checks when applying for a residential mortgage, I'm preferably looking to let 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 let the house out?
- I’m about to finish the fixed rate period of my two year fix with Scottish Widows and go on to the standard variable rate. Can you tell me if consent to let from Scottish Widows is possible, if there are cost, and if there conditions?
- I plan to purchase a new home but can't afford to sell my existing apartment with a Scottish Widows mortgage. Do you know the criteria for Scottish Widows to issue consent to let? Is getting married and having children a sufficient reason to to ask for consent to let?
- I have had my mortgage with Scottish Widows for the previous eighteen months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- I have a normal mortgage with Scottish Widows which is only eight weeks long but I have been relocated with my job. Is it possible to get consent to let from Scottish Widows for a mortgage that has only recently started and I have just bought the property?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Scottish Widows 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
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 inform them may 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
If your property is leasehold, the lease may prohibit 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 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows