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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
- After having retired in 2014 I purchased a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our nephew and I have therefore applied to Lloyds TSB Scotland for consent to let. I was just seeking a general view on whether Lloyds TSB Scotland currently allows it?
- I have a mortgage with Lloyds TSB Scotland however my husband and I will be moving to Cape Town in January. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- Am with Lloyds TSB Scotland and wonder if I am obliged to notify them if we no longer reside in my house. I fear that they may increase the interest rate if we move and find a tenant but it's not very clear what the increase would be. Should I decide to let my house out and seek consent to let how would the payments change?
- Resulting from a change in family circumstances my husband and I are housesitting my mum and dad’s house while they are away and letting our flat out. We are going to need for consent to let from Lloyds TSB Scotland. Will this be given? We will need to refinance in the next twelve months will we then have to move to a BTL product. We will definitely return to our flat at the beginning of 2017?
- My partner and I are the registered owners of a property in Manchester with Lloyds TSB Scotland and am moving to rent a property in Cornwall due to work. Is consent to let from Lloyds TSB Scotlandpossible? I am only looking to lease out the flat for six to nine months before selling.
- When it comes to consent to let from Lloyds TSB Scotland am I supposed to inform them each time we get a new tenant and forward them a duplicate of the tenancy?
- I am thinking about letting out my house via a consent to let from Lloyds TSB Scotland, what fees can I expect to pay?
- Do Lloyds TSB Scotland offer consent to let? I am just considering this in order to move house in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to 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
One thing to remember when arranging a consent to let mortgage with Lloyds TSB Scotland is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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