Need Help?
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.
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.
Frank (my fiance) and I may need to lease our Ealing home temporarily due to a career opportunity. This will be for a limited period but possibly for as long as five years. Must I notify Scottish Building Society or am I best advised to just keep quiet?
Within the next few days I intend to get in touch with Scottish Building Society for consent to let out my property in Scottish Building Society. However I have put the house on the market but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on an empty house is exhausting my finances. What approach would Scottish Building Societytake if I have the house on the market?
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.
Failure 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
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 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.
Neglecting to inform 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.