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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.
Questions and Answers: TSB consent to let
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Colin (my husband) and I may need to lease our Bromley home temporarily due to me taking a sabbatical. This will be for a limited period but possibly for as long as 2 years. Must I notify TSB or am I best advised to just keep quiet?
- I have to move my son’s school by mid-January and move to a new area. I don't have time to sell my house.The only way I can see of doing it is to lease my property out. Currently I have buildings and contents insurance. Do I need different insurance? What should request from TSB regards to consent to let?
- I would like to explore if I can get consent to let on my current property. I have a mortgage with TSB but my situation has changed. I'm about to move in with my partner and daughter who have a house and is larger than my 1 bed home. I doubt I will qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 a year.
- Due to redundancy we are looking to move away from Bromley and our home, potentially to a job in Sweden but that means we will want to let the property but don't want the penalty charge of existing TSB mortgage which will be exorbitant.Can TSB refuse to grant us consent to let?
- I wish to let out my home. Do I simply send a letter to TSB requesting consent to let out the house?
- How simple is it to obtain a consent to let from TSB and what does it cost? If I want to let out my property for a few months how easy is it to chop and change between a normal mortgage and consent to let?
- How much of my loan allowance will be made available to borrow if I convert my mortgage to a consent to let with TSB?
- I am considering moving in with my girlfriend at her home and would like to rent out my property that I acquired last summer, I'm just not sure of the process as my property is my first home. What hoops do I need to jump through to obtain consent to let from TSB If I obtain consent will my mortgage payments rise?
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Information to consider in conjunction with the above TSB 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 could 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
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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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 TSB