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Need professional advice for your consent to let with Tandem Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Tandem Bank consent to let: Q and A’s
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Have any of your clients had experience asking for Consent to Letforfor less than a year from Tandem Bank or if you know how such permission is obtained.
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Is it possible to remortgage on a consent to lease with Tandem Bank?
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I have been letting out my flat with "consent to let" from Tandem Bank on a residential mortgage for the past two years. Tandem Bank have put forward an ultimatum withdrawing their consent to let if we do not swap to one of their "buy to let" loans.
- Our fixed rate mortgage with Tandem Bank ends 31st May. I am required to relocate to Manchester for my Job in November. I wish to let out the house temporarily. Can I get a consent to let the property?
- I would like to let my house which is on a standard variable rate mortgage with Tandem Bank. What do Tandem Bank require for me to do to get consent to let?
- I have a residential mortgage with Tandem Bank, and I would like to lease the property out, until I decide whether to sell or keep it as an investment. At the moment I am on the standard variable rate. Will I need to remortgage? I.E. BTL?
- Me and my husband have a mortgage with Tandem Bank but am informed they have a stipulation that they refuse to issue consent to let the property to a local authority. Is this true and if so, is there a method round this?
- Me and my husband may want to lease our home temporarily due to a new job. This will be for a limited period but no more than twoyears. Should I tell Tandem Bank or do I keep my head down?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Tandem Bank consent to let Questions and Answers
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
If 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 result in your insurance becoming invalid. 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
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Tandem Bank your property may be repossessed