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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.
Examples of recent questions relating to Scottish Widows consent to let
- If I was to rent out my maisonette with consent to let from Scottish Widows, what evidence would be required of the letting? If after twelve months I decided to let it on a series of holiday term lets, do I still need to supply evidence to Scottish Widows, or will they be happy provided i keep up with the payments? By way of example if I sublet the room separately at a later stage, is there any reason for Scottish Widows to know and would they care?
- We recently sorted our rates for another fixed five years with Scottish Widows. Some weeks later, I attended an interview and basically I accepted the job offer in Havering. I'm going to rent a small flat for me and my family in Lambeth as we don't wish to sell the house and moreover we might come back within a couple of years.... We really don't know whether it will go. We called Scottish Widows but we would like also your point of view please. How is it to obtain consent to let in that case as we secured a fixed 5 years rate we would not want to lose this rate.
- My partner and I have decided to rent our studio flat out. We have put an offer on a further property for us to buy and have a tenant to move into ours. I believe I have to ask our mortgage company Scottish Widows for consent to let. I wonder if there is a standard consent to let request letter I can copy?
- How long after taking out a new mortgage will a consent to let be likely to be granted by Scottish Widows? To give some history I bought my property in Westminster 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and now we are looking at moving in to his place. I intend to get another fixed term next December. I presume that I would have to hold back for at least six months before I could seek consent to let. Is that correct?
- I am looking for some generic information on consent to let with Scottish Widows: I am moving to Paris as part of a promotion. Potentially for many years. That being said I will be on a four month probation period .I'm wanting to know how to go about getting consent to let from Scottish Widows and what fees are to be incurred
- My partner is considering placing an offer on a new property in Greenwich and is getting a good deal as it requires renovating. We want to rent our current property for 2 years and then return. Is there anything in the Terms and Conditions of my Scottish Widows mortgage permitting me to let it out or do I require specific consent to let?
- Will Scottish Widows choose to operate a right to switch the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'? Is it possible to refinance on a consent to let with Scottish Widows?
- I have a mortgage with Scottish Widows and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this stage. What are my consent to let options currently?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Scottish Widows consent to let Info
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
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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Scottish Widows your property may be repossessed