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 let: Q and A’s
-
I have a regular mortgage over my home in loc and am due to relocate to country for two years. During this time frame it would be ideal if I could rent out my flat. My mortgage provider refuses to issue a consent to let. It’s hardly ideal to move to a buy to let loan as it’s only a short term option that I am going away for.
- How likely are Tandem Bank in issuing me with Consent To Let on a ground floor flat? It is currently on the market and it has been for a couple of weeks. I need to sell but I'm concerned that given the lack of interest I will need to let out the property in order to cover the mortgage to Tandem Bank (I do not now live there). My preference is to come clean with Tandem Bank than not tell them but I'm not sure how understanding they would be.
- My husband and I have a residential mortgage with Tandem Bank. I have been offered a property as part of my job and want to rent out my current property. The financial advisor seems confident that it is straightforward process. Can you give me some information please?
- My lawyers have served eviction orders on a tenant who is in arear of rent. The relevant claims have been issued. The tenant's defense for non payment is based on the claim that I do not have consent to let my maisonette from my provider Tandem Bank
- We have a new mortgage however my girlfriend doesn't feel safe in the property due to other tenants in the block. I know that many lenders have a six month thing before consent to let - does this apply to all lenders. Is there any way Tandem Bank would allow it from the start?
- My OH and I have a mortgage with Tandem Bank and would be thinking about buying another main residence and then subsequently renting our current home out. Would I require consent to let from Tandem Bank?
- I am interested in further information regarding consent to let home loans, potentially transferring our current mortgage with Tandem Bank across to a consent to let one.
- Me and my fiance and I would like to obtain consent to let on a house where we have a mortgage with Tandem Bank. If issued, how long would consent be given for? In asking for consent to let from Tandem Bank are we running the risk of them forcing us to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Tandem Bank consent to let information
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
If 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 result in 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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