Need Help?
Need professional advice for your consent to let with Teachers Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Teachers Building Society consent to let
- A few months ago I let out my one bedroom apartment and have gained a Consent to Let with my mortgage lender. 6 months have now elapsed and they have upped my repayment percentage as previously advised. I cannot switch to a more favourable product with them, as they will withdraw my consent to let. If I was to go with another mortgage lender for example Teachers Building Society, would I be required to take out a BTL loan or could I just remortgage and ask for further consent to let?
- I am aware of the GGT connotations of switching a Teachers Building Society mortgage to consent to let, but what about the ongoing rental revenue vs expenses? Say I changed my former owned ground floor flat into CTL and moved out and pay rent elsewhere. Is it legitimate to deduct the rent I am paying from the rental revenue?
- My boyfriend and I (co-owners) are considering switching our mortgage to Teachers Building Society. I was doing some research concerning consent to let from Teachers Building Society to understand the rules around potentially renting our existing apartment out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about two years ago. We are living there now.
- Is it the case that the letting agents we rented through have a duty of care to have checked that the landlord got consent to let from Teachers Building Society?
- We are planning to move to the US for eighteen months for my job but I don't want to convert the mortgage to BTL as I want to reoccupy it when I return. Do you know if Teachers Building Society charges additional interest? Is there any way around this?
- I want to apply for consent to let from my mortgage provider Teachers Building Society to rent out my property. I am potentially moving in with mypartner. Do Teachers Building Society allow consent to let in these circumstances?
- I would like to rent out my home for two years at most. I would like to know if I could have a consent to let by my current mortgage lender Teachers Building Society?
- I would like some guidance on how best to approach my mortgage lender Teachers Building Society regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Teachers Building Society consent to let Info
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 Teachers Building Society 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
Should the tenure of your property be leasehold, the lease may prohibit 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 the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Teachers Building Society