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.
Recently asked questions relating to Scottish Building Society consent to lease
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I have a residential mortgage approaching reissuing with Scottish Building Society. The property has been sub-let for a few years and I now realise that I should informScottish Building Society. I understand that I can ask for a consent to let, but given that the property has already been rented out could they decline - insist I go onto a BTL product or even fine me? I have over 25% equity in the house - and the rent will more than cover the mortgage.
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Scottish Building Society have just granted me consent to let. After some effort, Scottish Building Society have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- My granddaughter is going to work overseas for two years and wants to rent her apartment out. She has a Scottish Building Society fixed rate mortgage on repayment and wants consent to let the property as well as transfer to interest only. What does she need to do?
- How long do I need to have a further advance from Scottish Building Society before I can get consent to let. Can I speak with you to explore my options please?
- My partner and I have a Scottish Building Society mortgage currently and potentially want to let it out for a short period of time with consent from Scottish Building Society for (eighteen months). How long do you have to wait until you apply for consent to let??
- My partner and I wish to rent out my property. Do I simply mail a letter to Scottish Building Society requesting consent to let out the property?
- Should I decide to apply for consent to let from Scottish Building Society what is the time scale Scottish Building Society would take to make a decision?
- I want to take in lodgers for my one bed flat in Hounslow which I live in. My mortgage is with Scottish Building Society. How do I go about getting a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Building Society