Need professional advice for your consent to let with The Royal Bank of Scotland plc Virgin One? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Jennifer (my wife) and I may need to rent out our Lambeth home temporarily due to a new job. This will be short-term but perhaps for three years. Should I tell RBS - Virgin One or do I just keep quiet?
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.
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming null and void. 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
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 conditions are not complied with you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Omitting to advise 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.