Need Help?
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.
Top Five Questions relating to TSB consent to lease
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I am a first time buyer hoping to complete on a detached house in TSB. I have a 50% deposit with a mortgage from TSB. My concern is that my partner inherited a apartment in London and I can foresee myself moving in next month, when I would want to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Is there any advice you can impart?
- We have a fixed rate mortgage with TSB. This has been in place since 2006. We are considering leasing out our house and renting in a village close to our children's school until a suitable house becomes available to purchase. Do TSB usually give consent to let and if so, what are the financial implications?
- I am interested to know how easy is it to seek consent to let with TSB. I am considering fixed deals and plan to reside there but want to understand what options are open to me if work has opportunities elsewhere for eg within 2 or 3 yrs Could you let me know generally how receptive TSB are regarding consent to let?
- My husband and I have decided to lease our garden flat out. We have put an offer on a further property for us to purchase and have a tenant to move into ours. I believe I have to ask our lender TSB for consent to let. Is there a template consent to let request letter I can use?
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with TSB?
- I have a homeowner mortgage with TSB and require consent to let. What are the criteria and requirements that I need to be aware of in order to obtain consent?
- My TSB mortgage fixed rate expires in May and have to relocate for work then. Is it likely that I be able to both remortgage and get consent to let?
- I am currently in the process of applying for a mortgage through TSB - There is a chance that in the within months I may decide to let out the property - how would I swap the homeowner mortgage to a buy to let mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above TSB consent to let Info
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
Failure 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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