Need Help?
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.
Examples of recent questions relating to Lloyds TSB Scotland consent to let
- I am thinking of applying for consent to let from Lloyds TSB Scotland as my personal situation has changed. My stepdaughter was starting university and I felt we would move to the area and decided to buy a house as opposed to spend the money on renting. Since buying the house there has been serious deterioration in my relationship with my my step daughter and she refuses to move in. Given that the whole idea was for her and the house location isn't so ideal for my work I would like to move out and rent out the house
- My flat has a mortgage against it with Lloyds TSB Scotland and I have been letting out the property minus consent to let, making me in contravention of my mortgage conditions. I fear that they have found out that I am not living there. What are the legal consequences of my actions?
- I previously took a mortgage with Lloyds TSB Scotland and the LTV is currently 60% with the Lloyds TSB Scotland current book value and I'm looking to acquire a further property but do not want to sell my existing property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Lloyds TSB Scotland need to exceed the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- Me and my fiance are soon to buy a place together. Idea is for me to get consent to let my property from Lloyds TSB Scotland. Thinking about the future - when my 2 year fixed period expires - how would it work if I wanted to refinance my flat?
- I have a mortgage with Lloyds TSB Scotland and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. How feasible are consent to let options currently?
- Is consent to let a cheaper way of becoming a landlord? Isn't this a loophole for some people to exploit?
- I could potentially need consent to let from Lloyds TSB Scotland in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on how long one can let out your property with consent?
- Will Lloyds TSB Scotland grant consent to let my apartment? I currently have a homeowner mortgage, never been in arrears and have been with Lloyds TSB Scotland for approximately six years now. What fees am I likely to face
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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