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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 Lease Example Support Desk Enquires
- I am three years into a five year fixed term mortgage and have accepted a job abroad so would like to rent out my home for two years. My L2V is around fifty per cent. Are you able to clarify if Lloyds TSB Scotland will load the interest rate for consent to let for the period that the property is tenanted?
- Nine months ago my building society (not Lloyds TSB Scotland) issued me with consent to let. This was subject to a provision that every half year they would levy a fee of half a percent of the outstanding mortgage amount. Having the first few payments they have omitted to make the charge in recent months. This may well be a basic computer error but I am nervous that it would also mean I no longer have Consent to Let.
- Ever since 2014 I have had a Lloyds TSB Scotland mortgage with my twin and am looking to move on and get a new mortgage with my partner. How would I proceed with renting out my room? Would I need consent to let from Lloyds TSB Scotland? My twin will remain in the property
- Is it possible to change a standard mortgage with Lloyds TSB Scotland to a consent to let. It will be less than 65% loan to value and it would change from repayment to an interest only mortgage?
- Should I decide to apply for consent to let from Lloyds TSB Scotland please can I know the time scale Lloyds TSB Scotland would take to make a decision?
- I am looking to place my house on rent due to job commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Lloyds TSB Scotland until 2017 October
- Last month purchased a studio flat in Haringey. I am a FTB. I am moving Ireland next month, can I get consent to let from my lender Lloyds TSB Scotland or do need to wait for at least 6 months?
- Are you aware if there is normally a maximum LTV before Lloyds TSB Scotland will grant consent to let?
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General Advice to read in supporting the above Lloyds TSB Scotland consent to let Questions and Answers
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
Should the tenure of your property be 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 breach 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 taking legal action 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