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
- I bought a flat a couple of years ago with a Tandem Bank loan but now wish to sublet the property. I have got neighbour issues there. Do I need consent to let byTandem Bank?
- Last September we purchased our council home, in London,recently valued at £240k. It's completely paid for from our own finances, mortgage fee. We can't sell (without penalty of losing some of our discount) before 5 years have passed. Regardless, we wish to keep it as a investment property to let out. We wish to release some equity via a Tandem Bank mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- Can you clarify the services that you provide - I have a mortgage with Tandem Bank and I would like to apply for consent to let - do you effectively help with the application for this and help answer questions related to it?
- My partner and I are planning on purchasing a house, letting a couple of the rooms out to help cover the mortgage with Tandem Bank, and then moving on in two or three years - at which point the property would be entirely let. How likely is it that Tandem Bank would look at this unfavourably as I will have been issued with a owner-occupier loan as opposed to a B2L or consent to let? I've heard that in extreme situations they can repossess the property, is this true?
- I have a residential mortgage with Tandem Bank and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- I am looking to Tandem Bank to grant consent to let out my basement flat in Haringey. I am about to commence a PhD opportunity in Maastricht University, Netherlands
- We have a mortgage with Tandem Bank at present and just wondering if there any costs for obtaining consent to let
- How likely is it that I can keep my current residential mortgage with Tandem Bank if I start renting out? If the consent to let is given will they load the interest rate?
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 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 notify them could 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
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 terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them taking legal action 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