Need Help?
Need professional advice for your consent to let with Bank of Scotland? 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 Bank of Scotland consent to let
- I have a Bank of Scotland home loan and am keen for consent to let as I would like to move to another property that I own. It would appear that you can help. How do your fees work for this service?
- I have a mortgage with Bank of Scotland. I wanted to buy a further property and my mortgage broker recommended I seek consent to let. As far as I am aware they would only accept the consent to let if I have the intention to reoccupy my current property. Is this right?
- me and my wife have just sorted our rates for another fixed period with Bank of Scotland. Some weeks later, I attended an interview and basically I accepted the job offer in Ealing. I'm going to rent a small flat for the family in Hounslow as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea how things will go. We have contacted Bank of Scotland but we would appreciate your take on the situation. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we really don't want to lose this rate.
- My partner had a conversation with someone at Bank of Scotland on Tuesday concerning consent to let. We are awaiting a call back. We have put an offer in on a garden flat that has been accepted in principle so would like to know how likely it is that we will receive consent to let by Bank of Scotland?
- If I let my house out with consent to let from Bank of Scotland will will theybump up the interest rate? I am currently on a standard variable rate.
- I took a domestic mortgage with Bank of Scotland, and I would like to rent the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. buy to let?
- Does my LTV need to be at a certain ratio to allow me to apply for a consent to let from my mortgage lender Bank of Scotland. Will it make a difference that I only drew down on the mortgage three months ago?
- I'm looking to find out more regarding consent to let from Bank of Scotland. Would a valid reason be parking problems and the property is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Bank of Scotland consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Bank of Scotland your property may be repossessed