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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 let: Q and A’s
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If push comes to shove what action Scottish Widows can take if I have let out my house without consent to let?
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I plan to apply to Scottish Widows to obtain consent to let out my house in Scottish Widows. However I currently have the property for sale but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on an empty house is hurting financially. How are Scottish Widows going to react if I have the house on the market?
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We just obtained consent to let from Scottish Widows. After some effort, Scottish Widows have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I am in the armed forces and intending to purchase a home using a Scottish Widows mortgage. I would like to get consent to let this property to my sister. In the future I would live in the property with my wife and kids when my military career finishes. Is this possible?
- My partner and I invested in buying a property in Liverpool with Scottish Widows and am moving to rent a property in Oxford due to work. Is consent to let from Scottish Widowsavailable? I am only looking to let out the flat for six to nine months before selling.
- I would like to let out my home. Do I simply send a letter to Scottish Widows requesting consent to let out the house?
- I am interested in some advice on how best to approach my mortgage provider Scottish Widows regarding a 'Consent-to-Let' application. Is this something you can help with ?
- Not sure if you can help What do I need to do to obtain consent to let from Scottish Widows? And what are the costs involved?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Scottish Widows 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
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
Should the tenure of your property be 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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows