Need professional advice for your consent to let with The Royal Bank of Scotland plc Natwest One Account? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
My partner and I will move back to Perthin Month, initially short-term but it could be longer term. I have contacted Royal Bank of Scotland -Natwest One to obtain consent to let out the property (we have already found tenants). I have been with Royal Bank of Scotland -Natwest One for 6 years and no payments have ever been missed. Royal Bank of Scotland -Natwest One advise, that even if they give permission, that this will be limited for one year. After the year is up what happens next?
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.
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
If your property is leasehold, the lease may prohibit 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.