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.
Common questions relating to Bank of Scotland consent to lease
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Just wondered if any of your clients had recent experience requesting Consent to Leasefor12 months from Bank of Scotland or whether you have any advice as to how such approval is given.
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We have an existing mortgage with Bank of Scotland and need clarify if it would be possible to seek consent to let out our garden flat in Croydon.
The reasons(s) for wishing to find tenants for the property are are due to: -
- My family and I will be migrating to Cape Town in January.
- By renting out the house this will enable us to make some savings to help the migration process.
- It would be pointless from a financial perspective to pay outright for a property which we are not residing in and by letting out the home this would be viewed as an ongoing investment.
If Bank of Scotland granted permission to us for renting we would propose some financial commitments to include: -
- Maintain paying the monthly mortgage payment directly from my bank account.
- Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial safeguard.
- Supply our forwarding details for when we relocate.
- After having retired last month I acquired a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our nephew and I have consequently applied to Bank of Scotland for consent to let. I was just seeking a general view on whether Bank of Scotland currently allows it?
- How long must you own a property before one is eligible for consent to let from Bank of Scotland? Once granted, can it be rescinded months later?
- My wife and I have a Bank of Scotland mortgage currently and may wish to let it out for a short period of time with consent from Bank of Scotland for (eighteen months). Is this achievable?
- We are looking to place my residential property on rent due to work commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Bank of Scotland at the moment until 2018 September
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Harrow. What are the chances of being given consent to let by Bank of Scotland without being forced onto a BTL product.
- Me and my wife and I would like to obtain consent to let on a house where we have a mortgage with Bank of Scotland. If issued, how long would consent be given for? In seeking consent to let from Bank of Scotland are we running the risk of them forcing us to change deal to BTL
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 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 standard 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Bank of Scotland your property may be repossessed