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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
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Just wondered if any of your clients had recent experience seeking Consent to Letfor12 months from Scottish Widows or if you have any tops as to how such permission is obtained.
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Are any options available to me if my application to obtain consent to lease is rejected by Scottish Widows?
- I'm buying a studio flat in Southwark. I will only want to be there for under a year, and then move into a bigger property. Rather than sell the prior home I'd like to rent it out so that it form part of an investment portfolio. Do you know if Scottish Widows would give consent to let after 9 months?
- What information do Scottish Widows require to have to make a decision on consent to let. I have a 2 year fix with them. I have never defaulted in payments. I am planning a move to the countryside due to the family getting bigger. My financial situation has not deteriorated and in fact my annual income has gone up 20% since the mortgage started.
- We are trying to find out which lenders are best for allowing consent-to-let without raising rates, and hopefully permitting in excess of 2 years where required. Is that something you can assist me with? We are particularly interested in Scottish Widows
- I wish to know all the criteria and requirements in place to switch my Scottish Widows mortgage to a consent to let?
- I have a mortgage with Scottish Widows but am wanting to rent my house out and move in with my girlfriend and baby what would I have to do to get consent to let?
- I am looking at taking a job in France and have been advised that I need to let Scottish Widows know so my mortgage is under consent to let? Please could you clarify the best way to go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Scottish Widows consent to let Questions and Answers
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 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 obtain the consent of 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
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows