Need professional advice for your consent to let with The Royal Bank of Scotland plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
I am a first time buyer interested in a small house in Royal Bank of Scotland. I have a 50% deposit with a mortgage from Royal Bank of Scotland. My concern is that my girlfriend has a apartment in London and I hope to be moving in next month, at which point I would have to let out my property. I understand that consent to let is required but it does not sound like there is any certainty. Can you offer any advice?
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.
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 inform them could trigger 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.