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.
Tandem Bank Consent to Lease Example Support Desk Enquires
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Can Tandem Bank choose to operate a right to increase interest rates on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates akin to their Buy to Let range'?
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My fiance and I may need to let our Lewisham home for a while due to a career opportunity. This will be for a limited period but possibly for as long as five years. Do I inform Tandem Bank or do I just keep quiet?
- At present I have a standard mortgage with Tandem Bank. I have been offered a home as part of my job and wish to lease out my existing home. The financial advisor seems confident that it is a formality. Can you give me some information please?
- I have been foolish in not informing Tandem Bank that I’m leasing my one bedroom ground floor purpose built flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m nervous that my insurer will contact Tandem Bank, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- If we request a consent to let letter by Tandem Bank will we be made to convert to buy to let mortgage? Our mortgage is with Tandem Bank and as properties are not selling at the mo and we have seen one we like we were leasing our home out in order to acquire the new and dispose of this one if the market picks up.
- I have a mortgage with Tandem Bank on a 2 year fixed rate. I may have chance of a teaching position overseas next July. Am I eligible for consent to let from Tandem Bank if I took this opportunity abroad?
- I am potentially moving in with my girlfriend but do not want to to sell my flat. What is the process for seeking consent to let from Tandem Bank, and what are the chances that this will be obtained?
- My wife and I have a mortgage with Tandem Bank and would be thinking about buying another main residence and then subsequently letting our current house out. Would I require consent to let from Tandem Bank?
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 Questions and Answers
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
Where 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 inform them may trigger 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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