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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.
Scottish Building Society consent to let: Q and A’s
- My brother and I are presently one year into a year fixed rate mortgage with Scottish Building Society. We would like to buy a larger second property in the coming months however would like to retain the first house and I was wondering what reason we could put down on the consent to let application to obtain consent to from Scottish Building Society
- I have had a mortgage for eight years with Scottish Building Society. My partner has bought a house in Brent and he has asked me to live with him. Can I rent out my apartment with consent to let in case I need to move back? Also what legal paperwork must I provide Scottish Building Society with when completing the consent to let form?
- I would like to move and let out my studio flat in Bexley. Having bought it in summer 2007 and presently on a 90% ltv there is little equity in it. My mortgage is with Scottish Building Society. Do you know where Scottish Building Society stand on consent to let?
- Ever since 2013 I have had a Scottish Building Society mortgage with my twin and want to move on and get a new mortgage with my partner. How would I go about taking in a lodger? Is consent to let required via Scottish Building Society? My twin will remain in the flat
- I’m about to finish the fixed rate period of my two year fix with Scottish Building Society and move on to the standard variable rate. I would like to know whether consent to let from Scottish Building Society is likely, if there are charges, and if there are time limits?
- We are close to purchasing a property and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Scottish Building Society? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- Do you know if I can retain my current domestic mortgage with Scottish Building Society if I start renting out? If the consent to let is issued will they load the interest rate?
- I have a mortgage with Scottish Building Society but would like to rent my house out and move in with my fiance and baby what is required to get consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Scottish Building Society consent to let Questions and Answers
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
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 standard 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 provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
If you do not keep up the payments on your mortgage with Scottish Building Society your property may be repossessed