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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.
Questions and Answers: Scottish Building Society consent to let
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I am about to join the property ladder hoping to complete on a small house in Scottish Building Society. I have a good size deposit with a mortgage from Scottish Building Society. My predicament is that my partner inherited a apartment in London and I anticipate moving in next year, at which point I would have to let out my house. I have heard of consent to let but it does not sound like a guaranteed option. Can you offer any advice?
- After retiring in June I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our son and I have therefore applied to Scottish Building Society for consent to let. What are the chances of this being issued?
- We are planning to let my apartment for 12 months from 12th October next year. Is there a template letter I can use to send to Scottish Building Society to apply for consent to let.
- Enquiring whether Scottish Building Society conduct any checks when obtaining a residential mortgage, I'm ideally looking to let the property out and am unsure as to whether I should apply for consent to let. How would they find out if I lease the house out?
- My two year fixed rate with Scottish Building Society is due to come to an end next month I will go on to the standard variable rate. Can you tell me whether consent to let by Scottish Building Society is a foregone conclusion, if there are cost, and if there are time limits?
- I am after further information in relation to consent to let mortgages, potentially moving our current mortgage with Scottish Building Society over to a consent to let one.
- In the event that I was successful in obtaining consent to let from Scottish Building Society, could I sell during the consent period? Is it possible that I would incur any charges?
- About to remortgage my home but will likely be moving out in the next year and would be looking to lease it out. What would I need to do to get consent to let from Scottish Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Scottish Building Society consent to let information
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
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
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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