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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.
Sample questions relating to Lloyds TSB Scotland consent to let
- Lewisham property valued at £150k. Outstanding home loan of £18k with 8 years left. Apply for consent to let from Lloyds TSB Scotland for current residence and use rent to pay off what is left of the loan. Take out 75 per cent Lloyds TSB Scotland loan on second property that I will consider to be my main address? Any reason not to do this?
- Can you explain "consent to let" to me? I live in a studio apartment and its in good condition. It is on the market and I am struggling to sell. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to mention this on the disclosure form. I am with Lloyds TSB Scotland on a standard variable rate. It has been suggested to me that I should obtain consent to let from Lloyds TSB Scotland and rent the property for a couple of years.
- I was just seeking guidance on whether I will be allowed to change a standard mortgage with Lloyds TSB Scotland to a consent to let. It will be less than 70% ltv and it would alter from capital and interest repayment to interest only?
- Is it correct that lenders (my home loan is with Lloyds TSB Scotland) are taking a more relaxed approach towards consent to let? A broker recently told me that Buy to let mortgages are not regulated by the FCA whereas residential mortgages are. So if I transfer from a homeowner to a BTL I am moving to a regulated product. He suggested that under the current regulation banks are wary of letting borrowers do this, which may explain why some banks will permit customers have consent to let but not swap to a Buy to let mortgage. Is this plausible?
- I am seeking from Lloyds TSB Scotland consent to let out my house in Waltham Forest. I am going to move in with my mother as I am off work due to ill health.
- Lloyds TSB Scotland - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- Is consent to let a cheaper way of becoming a landlord? Isn't this a loophole for some people to exploit?
- I have a mortgage with Lloyds TSB Scotland taken five months ago where I moved from another mortgage provider. Can I now rent my property with consent to let from Lloyds TSB Scotland as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Lloyds TSB Scotland consent to let Questions and Answers
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
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
Leasehold properties
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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
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.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed