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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.
Frequently asked questions relating to Scottish Widows consent to lease
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I have a homeowner mortgage over my home in loc and am due to relocate to country for three years. During this time it makes financial sense to rent out my apartment. My mortgage provider says I cannot have consent to let. It’s hardly ideal to move to a buy to let mortgage as it’s only a short term option that I am going away for.
- My friend has let her house from the same landlord for almost three years. Over the course of the last six months my friend has received letters from Scottish Widows (it is apparent from the envelope). At first she forwarded them to the landlord’s address. I was a bit suspicious as none of the landlord’s mail was supposed to be going there. I decided to go to my friends house and called Scottish Widows on her behalf. The lady I spoke to at Scottish Widows had a long list of questions, the landlord’s name her current address, information relating to the tenant and then said they were going to look into whether she had the appropriate mortgage and if she didn't it was an offence without consent to let. What does this mean for my friend?
- I'm currently looking for a mortgage as first time buyer and considering Scottish Widows with my mortgage adviser. Suppose I choose a three year fixed rate I live at the property and after one year, I come to get an opportunity of work relocation requiring moving overseas. Where Scottish Widows grants me consent to let,would the rate increase?
- Do the letting agents we rented through have a duty of care to have checked that the landlord obtained consent to let from Scottish Widows?
- When it comes to consent to let from Scottish Widows am I supposed to tell them every time we get a new tenant and forward them a duplicate of the lease?
- Is it the case that a prior extension to a mortgage term with Scottish Widows be held against us when we applied to Scottish Widows for consent to let.
- I have had my home loan with Scottish Widows for eight years and always made payments If I sought consent to let would it be granted?
- I am interested in consent to let for my property mortgaged with Scottish Widows. How do I proceed? Do I have to contact Scottish Widows and get them to agree?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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
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
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 terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows