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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.
Recently asked questions relating to Scottish Widows consent to lease
- In August 2013 I was issued consent to let from my existing lender which is about to come to an end. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I it is likely that I will be refused to transfer to a BTL product. One option I am considering remortgaging to Scottish Widows. Are they likely to issue consent to let from commencement of the mortgage?
- We are looking to lease out our garden flat in Barnet in Feb. I would like some guidance on what I need to do. I've just moved our Scottish Widows mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Approximately six weeks ago I vacated my property in a rush and let out the property. I am aware I should have obtained consent to let from Scottish Widows but was not sure what my plans were and it escaped my mind to get consent. I'm now in the position where I need to sell that property and switch the Scottish Widows mortgage to a new flat. I am struggling to find a way through without finding myself at the mercy of Scottish Widows for not seeking consent to let. When porting, at the time of completion of the sale, you must declare your intention to "port the rate" and go through a new set of affordability checks. While I have no difficulties with affordability, the credit check will show I don't live there any more.
- I am in the armed forces and intending to acquire a house using a Scottish Widows mortgage. I would like to get consent to let the property to my parents. In years to come I would reside in the property with my family when I leave the armed forces. Is this feasible?
- Are you able to help? I am just enquiring whether Scottish Widows offer consent to let as an option if I decided to rent out my property under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- Are you aware of any flexibility in the accepted equity ration before switching from a current Scottish Widows mortgage to a consent to let?
- I currently have a residential mortgage with Scottish Widows and plan on letting due to work being based in Manchester. In asking for consent to let from Scottish Widows do I run the risk of them forcing me to change deal to BTL
- Are you aware if there is normally a required LTV before Scottish Widows will grant consent to let?
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 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 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
Should the tenure of your property be 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Scottish Widows your property may be repossessed