Need professional advice for your consent to let with Whistletree (a trading name of TSB Bank plc)? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Will Whistletree exercise a right to increase interest rates on a non-commercial mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their Buy to Let range'?
My lender has placed me in an impossible situation with a Consent to Let home loan. Reacting to my requisition for consent to let the bank has requested evidence of an executed tenancy agreement prior to issuing consent. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
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.
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.
If your property is 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 breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure 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.