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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.
Top Five Questions relating to Lloyds TSB Scotland consent to lease
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I am a first time buyer looking to purchase a terraced house in Lloyds TSB Scotland. I have a 40% deposit will be getting a mortgage from Lloyds TSB Scotland. My predicament is that my girlfriend has a apartment in Maida Vale and I hope to be moving in next month, at which point I would have to let out my house. I I know that consent to let is needed but it does not sound like a guaranteed option. Can you offer any advice?
- What is the procedures for obtaining consent to let from Lloyds TSB Scotland? What documents do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide not to rent the property out?
- I am currently a Lloyds TSB Scotland mortgage customer seeking consent to let on my current property. We would like to purchase near where we are based with the Royal Marines,... but we might have to move.
- I am currently looking to buy my first home however, working as a consultant. I want to chose a mortgage company that will permit short term letting with a domestic mortgage so that I could lease out the property for 6-9 months with long periods of absence without being forced into a buy to let product. Can you let me know how lenders would view this and specifically the stance taken by Lloyds TSB Scotland.
- I am trying to find out Lloyds TSB Scotland fees for conversion to consent to let from a fixed rate residential mortgage?
- I own a residential home. I would like remortgage with Lloyds TSB Scotland and either change to buy to let or consent to let. I'm still within the redemption penalty period so not sure if it would trigger the penalty payment?
- My mortgage is presently 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 stage. How feasible are consent to let options currently?
- Last month I bought a property with 10% deposit for personal uses. A homeloan was taken with Lloyds TSB Scotland. But my circumstances have now changed. I am being transferred abroad. Am I able to obtain consent to let from Lloyds TSB Scotland and put the property up for rent?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Lloyds TSB Scotland consent to let Advice
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 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 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 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