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Need professional advice for your consent to let with Lloyds TSB Scotland plc? 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: Lloyds TSB Scotland consent to let
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I work for letting specialists in loc and have been ask but a prospective tenant of a property for a duplicate of the ‘consent to let’ from the owners lender Lloyds TSB Scotland. Is this a new type standard inquiry?
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In a worst case scenario what action Lloyds TSB Scotland can take if I have Sublet my flat if consent to let is not first obtained?
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Within the next few days I intend to apply to Lloyds TSB Scotland for consent to let out my home in Lloyds TSB Scotland. However the property has been on with agents for 4 weeks but there are no takers and paying a full mortgage, council tax and insurance on unoccupied house is hurting financially. What approach would Lloyds TSB Scotlandtake if I have the house on the market?
- I have found myself in the accidental landlord situation and without consent to let from Lloyds TSB Scotland. I had to vacate my home for family reasons, so am now based in another part of the country. I originally attempted to sell the flat, but prices were depressed, resulting in negative equity. This was a couple of years ago in 2011, the value has gone up and has allowed me time to save. I am in now in a position where I could switch to a BTL mortgage and would like to remortgage at the same time. My concern is, will changing mortgage providers possibly alert Lloyds TSB Scotland that I have been letting without consent to let? I am aware that I shouldn’t have done what I did, but circumstances left me with limited options. Can I change to a BTL without Lloyds TSB Scotland knowing what I’ve done?
- I am looking to Lloyds TSB Scotland to issue me with consent to let out my flat in Croydon. I am moving to Norway for Eight months for work.
- My OH and I are looking at new mortgages and also thinking of renting the property in the future - Is there a cost with Lloyds TSB Scotland to receive consent to let and what are the requirements?
- I recently bought a house using a Lloyds TSB Scotland home loan. However I am presently living with mother and father. I don't want to move in until next summer due to some family reasons. In meantime can I let out the property with consent to let?
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some people to exploit?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Lloyds TSB Scotland consent to let Info
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from 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.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings 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 Lloyds TSB Scotland