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.
Just wondered if RBS- First Active exercise a right to change the rates on a homeowner mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL range'?
I am a FTB hoping to complete on a terraced house in RBS- First Active. I have a 50% deposit will be getting a mortgage from RBS- First Active. My dilemma is that my fiancee owns a flat in Birmingham and I can foresee myself moving in next month, when I would have to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Can you offer any advice?
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.
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to inform 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.