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.
Recently asked questions relating to Scottish Widows consent to lease
-
I am about to join the property ladder hoping to complete on a small house in Scottish Widows. I have a 40% deposit with a mortgage from Scottish Widows. My concern is that my partner inherited a apartment in Birmingham and I can foresee myself moving in next month, when I would have to let out my house. I I know that consent to let is needed but it does not sound like there is any certainty. Is there any advice you can impart?
- I have a residential property but I am moving with my girlfriend to a different town for work purposes and moreover near her university. I would like to retain the house but it is unlikely that I can afford a BTL mortgage. It will only be temporary -3 years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Scottish Widows. Is there a chance I won't be approved for consent to let?
- I I have a residential mortgage with Scottish Widows but I would like to occasionally rent the property out as a holiday let....do I require consent to let from Scottish Widows?
- Fifteen years ago I was given consent by the local council and my mortgage provider Scottish Widows to convert a small barn into a granny annex, conditional on it not being disposed of separately from my property. My parents died some years ago and I would now like to let it out with consent to let from Scottish Widows. Do you think this will be possible?
- Iwant to let our home and purchase another. What do I need to supply Scottish Widows to get consent to let?
- A work promotions now necessitates that Ibe in different places every month and as such I wanted to get to grips with the procedure for getting consent to let with Scottish Widows
- Is there leeway in the accepted equity ration before switching from an existing Scottish Widows mortgage to a consent to let?
- I could potentially need consent to let from Scottish Widows in the future with work. I am just exploring what the options would be if this was the case. Are there any time restrictions on the length one can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Scottish Widows consent to let information
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
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 violation of 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