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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
- My husband and I were intending to purchase a ground floor flat with 10% down payment with the intention of living there. Somewhat fortuitously the in-laws have plans to move to Spain for a year or two so we would be moving into the in-lawsSutton bungalow to "housesit". In the event that we go ahead with a residential mortgage with Bank of Scotland would there be any difficulties with gaining consent to let ?
- I have a shared ownership property in Havering and will be looking to buy out the rest of the property. However, within the next six months I may be working overseas for a short period of time so would like to know what approach Bank of Scotland take to consent to let as I am considering a remortgage with them. I am not sure if a mortgage can be obtained on my property but in the meantime can you provide further detail on their consent to let policy?
- I have a residential Bank of Scotland mortgage and am keen negotiate a consent to let as I wish to move to another property belongings to me. It seems might be able to assist. How do your fees work for this service?
- I'm looking to apply to Bank of Scotland for consent to let on our existing residential property in Westminster. I am looking to release equity from my existing home before doing so, and using that money to acquire a second residential property. I will live in that house whilst doing it up for 6 months at which point the intention is to sell it then move back to my existing house. Is this something Bank of Scotland will consider consent to let for or does this fall outside the standard criteria?
- How do I go about gaining consent to let by Bank of Scotland? Are there specific requirements for instance you have to have owned the property for over 6 or 12 months before its given?
- Just wanted to know what needs to be provided to Bank of Scotland in order to get consent to let? I just finished a three year fixed mortgage and thinking of moving to another property with my boyfriend.
- Are you able to confirm what the procedure would be if we move to a second house and need to obtain consent to let for our existing mortgage with Bank of Scotland
- Soon to remortgage my house but will likely be moving out in the near future and would be looking to rent it out. What would I need to do to get consent to let from Bank of Scotland?
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Information to consider in supplemental the above Bank of Scotland consent to let information
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 could result in 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
If your property is leasehold, the provisions in the lease may prevent 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 breach 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 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