Need Help?
Need professional advice for your consent to let with Tandem Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Tandem Bank consent to lease
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I have a regular mortgage over my property in loc and intend to move to country for a couple of years. During this period it makes financial sense to rent out my apartment. My lender is withholding consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a short period that I am going away for.
- I wish to buy a second house having recently purchased a two bedroom second floor purpose built flat on normal mortgage. Intend to purchase in a few months time. I am told that I may need consent to let from Tandem Bank, my current mortgage provider? What is the best way to go about this and procure the consent required.
- I am a landlord and currently completing eviction orders on a tenant who had not paid his rent in 3 months. A Section 21 and section 8 have been issued. The tenant's defense for non payment is premised on the assertion that I I failed to obtain consent to let my three bed flat from my mortgage company Tandem Bank
- After retiring in 2014 I acquired a “retirement home” for my wife and myself to live in. We would like to let our current property to our son and I have therefore applied to Tandem Bank for consent to let. I was just seeking a general view on whether Tandem Bank currently allows it?
- This is not a question specific to Tandem Bank but do mortgage companies usually supply the information I need for my Buy to Let or Consent to Let self-assessment tax returns?
- I want to apply for consent to let from my lender Tandem Bank to rent out my property. . Do Tandem Bank give consent to let in these circumstances?
- I am looking to get consent to let with my Tandem Bank residential mortgage. It is a 3 bedroom house. Will Tandem Bank grant consent on this basis? Or would it be regarded as an HMO?
- Do you know whether there a time limit on a consent to let from Tandem Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Tandem Bank consent to let Advice
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 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 conditions are not complied with 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Tandem Bank your property may be repossessed