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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.
Recently asked questions relating to Lloyds TSB Scotland consent to lease
- I have a colleague who is thinking about leasing their house out and moving in with partner. The property is in Tower Hamlets and has a £80k home loan with Lloyds TSB Scotland. What would she need to do to get consent to let if she decides to move forward.
- I am contacting you on behalf of my cousin who has a mortgage with Lloyds TSB Scotland. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job 95 miles away away for 2 years and was thinking about renting the apartment out while he is away.
- I have a mortgage with Lloyds TSB Scotland. I would like to buy a second property and my mortgage broker suggested I apply for a consent to let. As far as I am aware they only grant consent to let if I have the intention to move back into my current home. Your view would be appreciated?
- I am expecting to apply for consent to let from my existing mortgage lender Lloyds TSB Scotland. A friend of mine said that he was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an AST. Can you explain what this is?
- Were we to ask for a consent to let letter by Lloyds TSB Scotland will we be made to convert to buy to let mortgage? Our mortgage is with Lloyds TSB Scotland and as properties are not selling at the mo and we have seen one we like we were considering letting our home out in order to acquire the new and sell this one when the market picks up.
- If I am tied into a fixed rate with Lloyds TSB Scotland but am thinking of letting out my property, is there a charge for consent to let from Lloyds TSB Scotland and does the interest rate alter?
- Will Lloyds TSB Scotland choose to exercise a right to convert the rates on a homeowner mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Can one refinance on a consent to let with Lloyds TSB Scotland?
- I would like some advice on how best to approach my mortgage company Lloyds TSB Scotland regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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 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 trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Lloyds TSB Scotland