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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.
Top Five Questions relating to Bank of Scotland consent to lease
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I plan to ask Bank of Scotland to obtain consent to let out my home in Bank of Scotland. However I currently have the property for sale but there are no takers and paying a full mortgage, council tax and insurance on vacant house is draining me financially. How are Bank of Scotland going to react if I market the property?
- Two years ago we purchased our council house, in London,recently valued at £240k. It was paid for in full from our own funds, unencumbered. We can't sell (without penalty of losing some of our discount) before 5 years have passed. Regardless, we want to keep it as a investment property to rent out. We wish to release some equity via a Bank of Scotland mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. Are you able to assist?
- Our current house in Tower Hamlets has nearly £80K equity with a mortgage with Bank of Scotland. It's a nice family house in a popular location and it should rent easily. We are probably moving for my partner’s work and were thinking of holding onto the house on as an investment property - should we be swapping the loan to a B2L product or can we get consent to let from Bank of Scotland?
- We took a home loan out on a studio flat in May however I will be working outside of commuting distance of Islington for the foreseeable future but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do plan to return to Islington so would like to keep it. How likely are Bank of Scotland to allow a consent to let and what are the financial implications ?
- I would like to send the consent to let form by courier and need to know if Bank of Scotland have a regular mailing address I can use as couriers ordinarily don’t accept deliveries to PO Box numbers.
- I have a mortgage with Bank of Scotland and am considering letting it for three months while on holiday. Will Bank of Scotland consent to this?
- Will Bank of Scotland issue consent to let my house? I have an existing homeowner mortgage, never had arrears and have been with Bank of Scotland for nearly three years now. What fees am I likely to face
- How likely is it that Bank of Scotland force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Bank of Scotland consent to let Questions and Answers
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
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
Should the tenure of your property be 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 trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Bank of Scotland