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Need professional advice for your consent to let with Scottish Widows Bank plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Scottish Widows Consent to Lease Example Support Desk Enquires
- I bought a house 3,two years ago in Liverpool when I worked locally. I got a new job which necessitated working in Watford. I travel down on Saturday evening and live with a relative mid week. I decided onmoving home to avoid the commute. I am deliberating the option of renting out my existing home. My mortgage is with Scottish Widows, would I have to change my mortgage rate or ought I apply for consent to let?
- My cousin and his girlfriend currently lodge with me at my flat. After Christmas I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from Scottish Widows after only having the mortgage for less than half a year?
- I previously took a mortgage with Scottish Widows and the LTV is currently 60% with the Scottish Widows current book value and I'm looking to buy another property but do not want to sell my current property at the current market value. I have consent to let from NRAM on a previous property so know a bit about them and I also have buy to let with Scottish Widows on another property. Does the expected rental income on a consent to let with Scottish Widows need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- I am just about to receive a mortgage offer from Scottish Widows for a two bedroom flat. I have applied via a broker. It is a capital and interest mortgage. I am curious as to what is the main criteria Scottish Widows adopt in order to allow borrowers consent to let? Is consent to let based on the rental multiple on a property?
- I would like to buy a new house but can't afford to sell the existing apartment with a Scottish Widows mortgage. Do you know acceptable terms for Scottish Widows to give consent to let? Is getting married and having kids a sufficient reason to seek consent?
- I am looking for some generic information on consent to let. I already have a mortgage in place with Scottish Widows. I have had licence to sublet my flat from the managing agents and they asked for a copy of the consent to from Scottish Widows.
- I would like to rent out my home for a couple of years at most. I would like to know if I could have a consent to let by my existing mortgage lender Scottish Widows?
- We need to contact Scottish Widows to enquire about leasing out my home. Do they send a form to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Scottish Widows 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 Widows 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 breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Scottish Widows your property may be repossessed