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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 was thinking of renting out my flat and make money from it during my vacation. It’s only for a month. Will consent to let be needed from Lloyds TSB Scotland?
- I have been granted consent to let via Lloyds TSB Scotland for some time now yet they now wish to speak with me and I suspect their motivation may be to get rid of me. Can you help?
- We are in possession of a mortgage offer from Lloyds TSB Scotland, but we have hit a snag. My husband works in a boarding school, and as such we are provided with a residence as part of his employment. We wish to buy a 2 bed flat with a view to joining the property ladder, and let it out while we're based at the school. I had thought Lloyds TSB Scotland would grant consent to let from the outset of the loan. It transpires that we may not be granted consent to let. Can you give me any ideas what we can do?
- I am an existing Lloyds TSB Scotland mortgage client looking for consent to let on my present property. We would like to buy in close proximity to where we are based with the Royal Marines,... but we may have to relocate.
- I have a letter to Lloyds TSB Scotland requesting consent to let signed and ready, but I'm not sure what address I should mail this to. Can you please help me with the address?
- My partner and I are trying to figure out which lenders are best for giving consent-to-let without raising rates, and hopefully permitting more than two years where required. Is that something you can help with? We are particularly interested in Lloyds TSB Scotland
- I took a domestic mortgage with Lloyds TSB Scotland, and I would like to let the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the fixed rate. Will I need to remortgage? I.E. buy to let?
- What are the implication if a borrower has already let the property for a number of years as an HMO and now wish to go legit with Lloyds TSB Scotland by getting consent to let ? (assume Lloyds TSB Scotland had in the past given a residential mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Lloyds TSB Scotland consent to let information
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
Where 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 could result in your insurance becoming invalid. 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 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 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 taking legal action 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