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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.
Questions and Answers: Bank of Scotland consent to let
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Bottom line - if worst comes to the worst what action Bank of Scotland can take if I have Sublet my flat without consent to let?
- I have a studio flat in Lewisham let out which has a fifty year lease. Mortgage broker said I should refinance (currently with Bank of Scotland) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on my income would give me a budget of £200k. Limited available in Hounslow for me to get my own place. A lease extension will be approximately 19k. Rent out with consent to let or sell the flat?
- I am a landlord and currently completing eviction orders on a tenant who had not paid rent. A Section 21 and section 8 have been issued. The tenant's defense for refusal to pay is premised on the assertion that I lack consent to let my two bedroom second floor purpose built flat from my mortgage company Bank of Scotland
- My partner and I intend to lease our one bed flat out. We have made an offer on another property for us to purchase and have a tenant to move into ours. I believe I have to ask our mortgage provider Bank of Scotland for consent to let. Is there a template consent to let request letter I can copy?
- What is the longest period that Bank of Scotland is willing to issue Consent To Let for?
- Bank of Scotland residential mortgage. Will they issue consent to let a house for 18 months? I will move back in again as a resident.
- Last month I got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger home. Will it be possible to get a consent to let on my new mortgage with Bank of Scotland to allow us to get a mortgage also with Bank of Scotland for a new home?
- I am a Bank of Scotland borrower. I would like to apply for consent to let my home. I have been waiting for a response from Bank of Scotland. Could you please check and help?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Bank of Scotland consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Bank of Scotland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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