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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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I bought a terraced property in 209 for 185,000 with TSB. I got married to someone in the RAF so moved in to married quarters in Gibraltar and realise that I need to request consent to let from TSB. Will they grant permission?
- I am may soon need to apply for consent to let from my current mortgage lender TSB. A colleague of mine said that he was granted ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an assured shorthold tenancy. Can you explain what this is?
- My partner and I are hoping to utilise equity in my present house to purchase an additional property which I propose to live in whilst I refurbish. I would like to let out my existing property with the TSB mortgage. How likely is it that I would obtain consent to let? House is worth £300 k with a £200k home loan in place.
- Need some advice about renting a property and consent to let. Later this year I intend to move in with my partner. The local authority would like to rent my flat for five year commitment with rent being paid and maintenance. The flat was purchased with a mortgage by TSB. Please advice
- Can I remortgage to TSB from my existing lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I would like to know if I have a domestic mortgage with TSB and decide to lease it out, does the rate change and are there any supplemental fees for obtaining consent to let.
- Me and my husband and I would like to obtain consent to let on a house where we have a mortgage with TSB. If granted, how long would consent be given for? In asking for consent to let from TSB are we running the risk of them forcing us to change deal to buy to let
- I was wondering if you are able to assist. I do not have consent to let from TSB and would like to know if this option would be possible for me to move to as I have to move back home to take care of my mum
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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 inform them may 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed