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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.
Scottish Widows consent to let: Q and A’s
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I have been letting out my flat with "consent to let" from Scottish Widows on a residential mortgage for the past 24 months. Scottish Widows have put forward an ultimatum retracting their consent to let unless we convert to one of their "buy to let" deals.
- My twin and his girlfriend currently lodge with me at my two bedroom maisonette. Next Summer I would like to move out of the property and in with my OH. How likely is it that I will be able to get consent to let from Scottish Widows after only having the mortgage for less than half a year?
- I have been a mortgage holder with Scottish Widows for 1999. My divorce went through months ago and bought the ex wife out. My circumstances have changed, I want to retain my house but live with my new partner, letting my house out. I have been informed by my broker that I can seek consent to let from Scottish Widows instead of a buy to let mortgage as I haven't purchased the house with the intention of letting it out, is this correct?
- I have been leasing my flat to a tenant for three years but not on a buy to let mortgage as I thought that you only required a BTL if you had more than one mortgage. In trying to acquire a second property, I found that I should have had consent to let at the outset from my lender Scottish Widows. I'm curious as to whether I can now ask Scottish Widows for a consent to let?
- My wife and I are planning to ask Scottish Widows for consent to let out our house in Enfield. We are moving overseas for three years and wish to rent out the property. I omitted to look into this when we took the Scottish Widows mortgage, and that was purely because we never foresaw an opportunity would arise such as this so was planning on being in the house.
- I have a homeowner mortgage with Scottish Widows and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- I would like some advice on how best to approach my mortgage company Scottish Widows regarding a 'Consent-to-Let' application. Is this something you can help with ?
- I'm mulling over a remortgage offer with Scottish Widows and it's likely I will end up asking for consent to let at some point in the fixed period. Are there any fees I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
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 provisions in the lease may prevent 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 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Scottish Widows