Need professional advice for your consent to let with Bank of Scotland Private Banking? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Do I need consent to let from Bank of Scotland Private or can I let my basement flat without telling Bank of Scotland Private and having to transfer to a buy-to-let mortgage?
A friend of mine suggested that this summer I rent out my apartment and make money from it while I am on vacation. It’s only for a month. Will consent to let be needed from Bank of Scotland Private?
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.
One thing to remember when arranging a consent to let mortgage with Bank of Scotland Private 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
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.