Need Help?
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
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Scottish Widows have just granted me consent to let. After some effort, Scottish Widows have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. Can you explain what this is?
- I am currently in the process of emigrating to Germany . As opposed to finding a buyer, I wish to let my existing property out, just in case things turn sour and I decide to come back in one or two years. The current mortgage is with Scottish Widows. Would I be able to refinance with another mortgage lender on a much lower interest rate then apply for Consent to Let once the re mortgage is in place?
- I have a mortgage with Scottish Widows. I wish to buy a further property and my mortgage broker advised me to apply for a consent to let. I had formerly led to believe they would only grant consent to let if I have the intention to go back to my current home. Your view would be appreciated?
- My boyfriend and I (joint owner) are thinking of switching our mortgage to Scottish Widows. I was conducting some research concerning consent to let from Scottish Widows to understand the rules around potentially letting our current apartment out (probably in a in a couple of years time) if we moved away. The flat in question was a first-time purchase for us about three years ago. We are living there now.
- I have a homeowner mortgage with Scottish Widows and with my circumstances changing massively in the last six months, can I apply for consent to let. What changes will affect me?
- I have a mortgage with Scottish Widows and am considering letting it for six weeks while on holiday. Will Scottish Widows consent to this?
- My mortgage is presently with Scottish Widows and am debating whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. How feasible are consent to let options currently?
- I am interested in consent to let for my house mortgaged with Scottish Widows. How do I move forward? Do I have to apply to Scottish Widows and get them to agree?
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 Info
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
Omitting 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows