Need professional advice for your consent to let with The Royal Bank of Scotland plc First Active? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My husband and I acquired a garden apartment in 2012 for 185,000 with RBS- First Active. My husbands career requires that we move to Gibraltar and appreciate that I have to obtain consent to let from RBS- First Active. Do you have any experience of consent to lease from RBS- First Active?
I work for letting specialists in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender RBS- First Active. Is there a new law that has triggered this question?I have not come accross this before, is this a new legal requirement?
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.
Where 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 notify them may trigger your insurance becoming null and void. 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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Neglecting 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.