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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
- I have to move my son’s school by early-January and move to a different area. there is insufficient time to find a buyer for my house.The only way I can see of doing it is to lease my house out. Currently I have buildings and contents insurance. Do I need different insurance? What should request from TSB regards to consent to let?
- I was wondering if you could please give me a little info on what the procedure is for applying for content to let, what do I need to do. I am considering a TSB mortgage on a £140,000 property on the coming months. The intention is to hold the house as a second home but I need to know what options are available to me to let the property in the future. If our situation was to change the house would either be sold or rented.
- I have a property in Westminster with a TSB mortgage but I no longer live there. My sister moved in but is there rent free. I currently live in rented premises and am looking to buy a house. I have found a dream property at reasonable price. I have enough of a deposit to put down on the house I am interested in but would find it difficult to pay enough off the old property to change it to a BTL mortgage simultaneously. Can I switch the current TSB mortgage for my old flat into a consent to let and use my savings to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- In a situation where a landlord opts to lease out their property in the absence of consent to let by TSB - what, if any implication might there be for an agent acting for the landlord?
- My OH and I have already let but only just realised TSB ought to have been told and consent to let applied for - what's the best course of action now?
- I am already leasing out my flat but may have sussed what has been going on. I have four months remaining on my fixed rate. Is it simple to get consent to let from TSB. Is it just a quick phone call, pay the fee and that's it?
- I am trying to find out if TSB will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
- I have a mortgage with TSB taken three months ago where I moved from another lender. Am I now able to rent my property with consent to let from TSB as I am planning to buy a further property.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above TSB consent to let information
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 regular 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
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 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 advise 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 TSB your property may be repossessed