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.
Sample questions relating to TSB consent to let
- I I have a normal mortgage with TSB but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from TSB?
- I have a house that's presently under shared ownership (My share is 60per cent) purchased in May 2013. I plan to go through the full purchase of the house. My partner and I have also got a further house that we are looking to purchase. Mortgage in principle has been approved by TSB. I would like to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new house
- Meeting with my IFA on tomorrow. I am going to seek Consent to Let from my current lender TSB. My new property in Waltham Forest will be 90% LTV. I have been told by a friend that some lenders dont want consent to let borrowers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- At the moment I am looking to acquire my first home however, I am self employed. I want to chose a mortgage provider that allows short term letting with a domestic mortgage so that I could lease out the property temporarily with long periods of absence without being forced into a buy to let rate. Can you let me know how lenders would view this and in particular the stance taken by TSB.
- My fiance and I are planning to ask TSB for consent to let out our property in Ealing. We are moving overseas for 3 years and need to let it out. I omitted to check this out when we took the TSB mortgage, and that was due to the fact that we never thought an opportunity like this would come up so was planning on occupying the property.
- My wife and I wish to move home and have identified a house we wish to purchase so are considering renting out with consent to let from TSB for our current property to allow us to place an offer and not miss out on the potential new property.
- I currently have my mortgage with TSB and have been for the past twenty months and I am interested in finding out some more information about the possibility of obtaining 'consent to let’.
- Am I required to get consent to let if I let to a family member (in my case my mother now lives there and contributes towards the TSB mortgage)?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above TSB consent to let Info
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
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
Should the tenure of your property be 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 breach of the lease. This could trigger 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with TSB