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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.
Common questions relating to TSB consent to lease
- I have just been on the phone to TSB who have advised me that it has been brought to their attention that I have been letting out the studio flat even though it is on a domestic mortgage. I had to move two years ago for work reasons, couldn't sell and was left with little option but to rent out my property. Do you know what the connotations will be for me not obtaining consent to let?
- I am looking to move and let out my ground floor flat in Lewisham. Having bought it in spring 2008 and currently on a high ltv there is little equity in it. My mortgage is with TSB. Do you know where TSB stand when it comes to consent to let?
- We are hoping to utilise equity in my existing house to buy an additional property which I propose to live in whilst I do it up. My preference is to let out my existing property with the TSB loan. I was just looking for a general view on whether TSB currently allows consent to let? House is worth £350 k with a £200k mortgage in place.
- How many months after getting a new mortgage do I have to wait before I can seek consent to let from TSB? By way of history I bought my flat in Camden 2 years ago and am currently on a three year fixed rate. I subsequently met a guy and plan to move in to his place. I am planning to get a better fixed term next July. I presume that I would have to wait at least half a year before I could request a consent to let. Is that correct?
- My mortgage company refuse to grant consent to let until I have a move in date confirmed with a tenant. How can I confirm this in the absence of consent to let? I am not sure but I think my friend had a similar issue with TSB.
- A work promotions now necessitates that Ibe in different places every month and as a result I wanted to get to grips with the procedure for applying for consent to let with TSB
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Redbridge. What are the chances of being given consent to let by TSB without being forced into a new rate.
- I am looking at some alternative lifestyle. I have a TSB mortgage, if I become a US resident but wish to rent my UK house, ...what do I need to do to get consent to let. Can this be obtained on via email ?
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 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 notify 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with TSB