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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Bottom line - if worst comes to the worst what action Tandem Bank can take if I have rented my property without consent to let?
- Next month I will be emigrating to Australia. As opposed to sell my house, I would like to let it out, just in case things don’t go as expected. My present mortgage is with Tandem Bank. If I applied for a refinance would a new lender consider this as me trying to dodge a Buy To Let mortgage, of which there is very restricted availability for 80% LTV, and hence reject my application for Consent to Let?
- My wife and I are planning on acquiring a house, renting two of the bedrooms out to help cover the mortgage with Tandem Bank, and then moving on in a few years time - at which point the property would be entirely tenanted. Is it likely that Tandem Bank would look at this unfavourably as I will have been granted a standard loan as opposed to a B2L or consent to let? I've read that the worst case scenario is that they can sue for mortgage fraud, is this right?
- Need some information regarding leasing a property and consent to let. In the coming months I intend to move in with my other half. The council would like to rent my flat for 5 year commitment with rent being paid and maintenance. Our mortgage was changed to Tandem Bank two years ago. Please help
- I have Tandem Bank mortgage and am considering letting the property. I am lead to believe that I would need a consent to let to do this...is that right ?
- I have a question I'd like to ask...if consent to let is given by Tandem Bank would it usually stipulate a time limit, such as one year?
- I plan to purchase a new home but can't afford to sell my current property with a Tandem Bank mortgage. Do you know the criteria for Tandem Bank to issue consent to let? Is getting married and having children a good enough reason to make the request?
- My wife and I want to let our house out and use the rental income to pay rent on a house in Bromley. What are the chances of being given consent to let by Tandem Bank without being forced onto a BTL product.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Tandem Bank 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
If your property is leasehold, the lease may prohibit 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
Neglecting to inform 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