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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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We just obtained consent to let from Lloyds TSB Scotland. After some effort, Lloyds TSB Scotland have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- I have a consent to let from my current lender which is about to run out. I have since been traveling and had my first child. My part time salary is not sufficient just now to pay the mortgage on my own. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I don't think the buy to let will be approved. One option I am thinking about is remortgaging to Lloyds TSB Scotland. Are they likely to issue consent to let from the start?
- How likely are Lloyds TSB Scotland in granting Consent To Let on a one bedroom first floor purpose built flat? It is currently on the market and it has been for three weeks. I need to sell but I'm anxious that if there is no interest I will need to let out the property in order to cover the mortgage to Lloyds TSB Scotland (I no longer live at the address). I would prefer to be honest with Lloyds TSB Scotland than do it on the sly but I'm not sure how understanding they will be.
- What is the maximum period of time permitted by Lloyds TSB Scotland that I would be able to let my property without being required to change mortgage or sell my house? Essentially, my boyfriend has asked me to move in with him and I really don't want to sell my house. I would like the fallback of knowing I still own my own home.
- Do you know if consent to let is something that Lloyds TSB Scotland offer?
- I have a residential mortgage with Lloyds TSB Scotland - 40% equity or thereabouts. I am considering relocating for another job and was curious if Lloyds TSB Scotland are flexible in changing the mortgage to allow for consent to let?
- Will Lloyds TSB Scotland choose to exercise a right to convert the rates on a domestic mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to refinance on a consent to let with Lloyds TSB Scotland?
- Are you able to advise me how much the fees are and if Lloyds TSB Scotland ordinarily give consent to let without transferring to a commercial rate?
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 Questions and Answers
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 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Lloyds TSB Scotland