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.
Sample questions relating to Scottish Building Society consent to let
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Can you clarify if consent to let obligatory from Scottish Building Society or can I rent out my garden flat without telling Scottish Building Society and being forced to switch to a buy-to-let mortgage?
- I have a Scottish Building Society home loan and am keen for consent to let as I would like to move to another property that I own. It seems might be able to help. How do your fees work for this service?
- Resulting from a redundancy my wife and I are looking to move away from Croydon and our house, potentially to a job in Copenhagen but that means we will want to let the property but don't want the cancellation fees of existing Scottish Building Society mortgage which will be high.Can Scottish Building Society refuse to grant us consent to let?
- It seems as though I will have the chance to go and work overseas in a couple of years. I am therefore considering downsizing to a newer apartment in Havering which I could rent out with less difficulty when the time comes. I would aim to keep 50% equity in the new apartment which would be my home for a while. My existing mortgage provider limits consent to let for 12 months. I expect to be renting it out longer term and not having consent could result in a whole heap of problems. Buy-to-let seems wrong when I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from which lender? Would, for example, Scottish Building Society provide consent to let for a longer period?
- Am I required to wait for consent to let to be granted on my current domestic mortgage with Scottish Building Society before applying for a resi mortgage on a second property?
- Prospective tenants are about to rent my property and I have mortgage offer from Scottish Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- We are looking to place my residential property on rent due to job commitments and was curious if this is possible to get consent to let. It is on a fixed rate mortgage with Scottish Building Society at the moment until 2017 October
- If I have an existing normal mortgage with Scottish Building Society and am planning to rent it out in the future will I be granted consent to let? What is the process and fees involved?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Scottish Building Society consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Scottish Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
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 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.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed