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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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Can a new mortgage be taken on a consent to let with TSB?
- Do you know if it is possible to get a consent to let with first time buyer loan with TSB? My wife and I are planning to move to Redbridge to live nearer to our son's university, but we are uncertain whether the relocation will be for more than a couple of years.
- I vacated my apartment about seven months ago but didn't get around to get a consent to let letter, mainly because the mortgage fix rate period is ending in 2 months and I am thinking about refinancing in any event. I want to ask for the letter now, is that going to open up a hornet’s nest?
- How long does it take to receive consent to let by TSB and is there a minimum amount of time I should have had the mortgage for?
- I would be interested to know whether TSB would have archive records as to whether consent to let was granted for a specific property?
- My work commitments are changing and this could result in mebe in different places a lot and in the circumstances I wanted to get to grips with the process for seeking consent to let with TSB
- I currently have my mortgage with TSB and have been for the previous eighteen months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- I currently have a residential mortgage with TSB and plan on letting due to work being based in London. In seeking consent to let from TSB do I run the risk of them forcing me to change deal to buy 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed