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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.
Lloyds TSB Scotland consent to let: Q and A’s
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Can Lloyds TSB Scotland exercise a right to put a loading on my interest rate on a standard mortgage where Consent to Let at any time, onto ‘rates akin to their Buy to Let products'?
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My husband and I purchased a terraced property in 2011 for 175,500 with Lloyds TSB Scotland. My husband’s job requires him to relocate to Belgium and realise that I need to have to get consent to let from Lloyds TSB Scotland. Will they grant consent?
- I bought a house 3,two years ago in Newcastle when I worked locally. I got a promotion which involved working in Wimbledon. I drive down on Sunday evening and live with a family member during the week. I decided onmoving home to avoid the commute. I am deliberating the option of renting out my current home. My mortgage is with Lloyds TSB Scotland, would I have to move onto a new mortgage deal or ought I apply for consent to let?
- My solicitors have served eviction orders on a tenant who had not paid rent. The relevant proceedings have been issued. The tenant's defense for non payment is based on the assertion that I do not have consent to let my ground floor flat from my provider Lloyds TSB Scotland
- We are looking to place my house on rent due to job commitments and was wondering if this is possible to negotiate consent to let. It is on a fixed rate mortgage with Lloyds TSB Scotland at the moment until 2017 November
- I have fixed rate mortgage with Lloyds TSB Scotland. I am going have to let out my property due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
- I have a mortgage with Lloyds TSB Scotland. I am considering moving out and leasing out my property. Do I need a consent to let ?
- Soon to remortgage my property but will likely be moving out in the near future and would be looking to lease it out. How quickly can you get consent to let from Lloyds TSB Scotland?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Lloyds TSB Scotland consent to let information
Tax and Legal
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.
Insurance
If 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 result in 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
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 conditions are not complied with 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed