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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 one refinance on a consent to let with Lloyds TSB Scotland?
- My friend has rented her property from the same landlady for nearly three years. For the past year my friend has received letters from Lloyds TSB Scotland (it is apparent from the envelope). To begin with she forwarded them to the landlord’s address. My suspicions were aroused as none of the landlady's mail was meant to be going there. I decided to go to my friends house and called Lloyds TSB Scotland on her behalf. The lady I called at Lloyds TSB Scotland asked all sorts of queries, the landlady's name her current address, the tenant's details and then said they were going to investigate whether she had the appropriate mortgage and if she didn't it was an offence without consent to let. Can you shed anymore light on this?
- I currently have a mortgage offer with Lloyds TSB Scotland. I anticipate that I will complete in the coming weeks, however I may potentially be posted abroad for work. Would it be possible for me to obtain consent to let from Lloyds TSB Scotland within a few months of drawing down on the mortgage. Are there any other options open to me?
- We have a residential mortgage with Lloyds TSB Scotland that we are having problems getting consent to let due to being in Dubai and leasing the flat such a long time ago without their approval which we did not know was required. We have a 38% LVR and made overpayments of £500pm for 5 years so there are no arrears. We are willing to change onto a BTL rate with Lloyds TSB Scotland at a jacked up rate yet we haven't been given that as an option.
- I am seeking from Lloyds TSB Scotland consent to let out my property in Havering. I am planning to move in with my mother as I am off work through ill health.
- We would like to obtain consent to let on a house where we have a mortgage with Lloyds TSB Scotland. If granted, how long would consent be given for? In asking for consent to let from Lloyds TSB Scotland are we running the risk of them forcing us to change deal to BTL
- I need to lease out my house to be nearer to my son’s uni and take care of my mother. How long will the consent to let take to get from Lloyds TSB Scotland? a month?
- What are the implication if I have already let the property for some years as an HMO and now want to legalise the situation with Lloyds TSB Scotland by obtaining consent to let ? (assume Lloyds TSB Scotland had already given a homeowner mortgage on it some time ago)
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting 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
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 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Lloyds TSB Scotland your property may be repossessed