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Need professional advice for your consent to let with Scottish Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Scottish Building Society consent to lease
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My wife and I have a Scottish Building Society home loan and are are up to date with payments, both employed etc. Can you tell me how much it will cost and if Scottish Building Society are likely to give us consent to let without changing to a new mortgage product?
- At the moment have a 5 year fixed term home loan with Scottish Building Society that we're approximately a year into. Our situation has now changed and we would like to rent out our flat for a year and move to another town. What can we do to mitigate the possibility of Scottish Building Society refusing to grant consent to let.
- My partner and I (joint owner) are thinking of remortgaging with Scottish Building Society. I was doing some research concerning consent to let from Scottish Building Society to understand the rules around potentially renting our existing apartment out (probably in a in a couple of years time) if we moved away. The apartment in question was a first-time purchase for us about three years ago. We are living there at the moment.
- How many months after getting a new mortgage will a consent to let be likely to be given by Scottish Building Society? To give some background I purchased my flat in Islington nearly two years ago and am currently on a fixed term for 3 years. Not long after I met a guy and plan to move in to his place. I intend to get another fixed term next December. I presume that I would have to hold off for at least six months before I could apply for consent to let. Is that correct?
- I have a question I'd like to ask...if consent to let is given by Scottish Building Society would it usually stipulate a time limit, such as one year?
- Scottish Building Society - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I may be looking to rent out my property and wondered what I would need to do to negotiate consent to let from Scottish Building Society. There is a possibility that I might be emigrating permanently.
- Is there a time limit on a consent to let from Scottish Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Scottish Building Society consent to let Advice
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
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 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Building Society