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Need professional advice for your consent to let with TSB plc? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to TSB consent to lease
- I am about to email my lender TSB justifying the following reasoning for my request for consent to let ; "I am struggling with the monthly mortgage amount and wish to move to a smaller place but can't sell. I am worried by failing to make payments and have considered returning the keys. If I had consent to let that may solve matters." Is this likely to result in a positive response?
- Two years ago I was granted consent to let from my current mortgage provider which is about to expire. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to TSB. Are they likely to issue consent to let from commencement of the mortgage?
- My boyfriend and I (co-owners) are thinking of remortgaging with TSB. I was doing some research concerning consent to let from TSB to understand the rules around potentially renting our current apartment out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about three years ago. We are living there at the moment.
- Hello, I have consent to let my property with TSB and am about to give my tenant two months notice as I wish to sell the property. I am concerned about the property being vacant once the tenant leaves and finding a purchaser. Not once have I missed a payment on the account, would it be possible to take payment holidays pending the sale of the property?
- I have a mortgage with TSB on a three year fixed rate. I may have an opportunity for a teaching post in Belgium next year. Am I eligible for consent to let by TSB were I to accept this job overseas?
- We are looking to place our matrimonial home on rent due to job commitments and was wondering if this is possible to get consent to let. It is on a fixed rate mortgage with TSB until 2018 December
- Last month bought a one bedroom apartment in Tower Hamlets. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender TSB or do I have to wait six months?
- I was just wondering if there are any charges in obtaining consent to let on a freehold property when I have a mortgage with TSB
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above TSB 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
One thing to remember when arranging a consent to let mortgage with TSB 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 terms are not adhered to 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 commencing legal proceedings 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 TSB