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.
Questions and Answers: Scottish Widows consent to let
- I have been granted consent to let from Scottish Widows for a while now and they now want to speak with me and I suspect their plan is to rid themselves of me. Are you able to assist?
- I am three years into my five year fixed rate mortgage and have accepted a job abroad so wish to let my home for two years. My loan to value is around 50%. Are you able to clarify if Scottish Widows will charge me more interest for consent to let for 2 years?
- My twin is intent on letting his apartment out in the absence of consent to let from his mortgage lender Scottish Widows. He has been on an interest only loan since 2008. Currently owes £99k, having purchased the apartment for around £110k. In the absence of gaining consent to let by Scottish Widows, exactly what sanctions is he likely to face?
- I am planning to let my property for a year from 6th July 2015. Is there conventional wording for a letter I can use to write to Scottish Widows to request consent to let.
- We have already let but only just realised Scottish Widows should've been told and consent to let sought - can this be obtained retrospectively?
- I have a question I'd like to ask...if consent to let is granted by Scottish Widows would it usually be restricted to a time limit, such as 6 or 12 months?
- Is there a fixed or maximum term how long I could let my house out to a family member with consent to let from Scottish Widows. I no longer want to live in the area and want to buy a new home?
- I have only recently completed my mortgage with Scottish Widows since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be granted consent to let if I were to move into his property
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 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
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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Scottish Widows your property may be repossessed