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.
Scottish Widows Consent to Lease Example Support Desk Enquires
- I have my three bed flat in Hounslow on the market but despite a few viewers there is a lack of interest so far. As a fall back position I am considering leasing out the property if it doesn't sell. I dont foresee a problem getting consent to let from the freeholder. My financial adviser has told me that in such circumstances I may be obliged to switch to a B2L product yet I probably don't have sufficient equity. What's the worst that could happen if I if hypothetically I was to retain the current Scottish Widows mortgage and let the property out without informing them. As long as the mortgage is being paid in full and on time, why would they care or check?
- What information do Scottish Widows need to to decide whether to grant consent to let. I have a two year fix with them. I have never missed a payment. I am looking at moving to the countryside due to the family getting bigger. My financial circumstances have not deteriorated and in fact my annual income has gone up 20% since the mortgage started.
- I have been reckless in failing to notify Scottish Widows that I’m leasing my house out. Ideally I would like to do the right thing with as little consequence as possible. If Scottish Widows says yes, how would you rate the chances of them learning that I’ve already been renting it without consent?
- I'm one year into a two year fixed mortgage with Scottish Widows. The LTV is only 50%. I've got what I think is a really good deal on a ground floor flat in Redbridge which I don't want to miss. It appears that the only way I can get this other property is to release most of the remaining equity. I would let the current home which would adequately cover the mortgage with Scottish Widows. Is it possible to obtain consent to let from Scottish Widows and and then seek an equity release after it's let out?
- I’ve already been told to write a letter to Scottish Widows to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- If I am tied into a fixed rate with Scottish Widows but am thinking of letting out my property, is there a fee for consent to let from Scottish Widows and does the interest rate alter?
- I have bought a property with a Scottish Widows mortgage. However I am presently living with parents. I don't want to move in until next summer due to personal reasons. In interim can I let out the property with consent to let?
- I was just enquiring how to obtain consent to let from Scottish Widows...do I call them or write a letter to them?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Scottish Widows consent to let Advice
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 standard 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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