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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.
TSB consent to let: Q and A’s
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Is consent to let needed from TSB or can I rent out my new house without telling TSB and having to transfer to a buy-to-let loan?
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If push comes to shove what action TSB can take if I have let out my house if consent to let is not first obtained?
- I have a two bed leasehold flat via a TSB mortgage and have a lodger in the 2nd bedroom. I have decided to take a job in a different city and will look for a property to rent. My lodger doesn't want to leave so is willing to pay an increased rent. Am I obliged to get consent to let from TSB?
- Hi, I have consent to let my house 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 empty once the tenant leaves and finding a buyer. Not once have I missed a payment on the account, is it likely that I would be able to take payment holidays pending the sale of the property?
- Can I refinance with TSB with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I want to take in in a lodger for my garden flat in Tower Hamlets which I live in. My mortgage is with TSB. How do I go about getting a consent to let?
- Will TSB choose to operate a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Is it possible to refinance on a consent to let with TSB?
- Is there leeway in the accepted equity ration before transferring from a current TSB mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above TSB consent to let Advice
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with TSB