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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 a new mortgage be taken on a consent to let with Tandem Bank?
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In a worst case scenario what action Tandem Bank can take if I have rented my property in the absence of consent to let?
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I plan to contact Tandem Bank to obtain consent to let out my house in Tandem Bank. However the property has been on with agents for 5 weeks but there is no interest and forking out for a full mortgage, council tax and insurance on an empty house is draining me financially. What position would Tandem Bank take if I have the house on the market?
- I refinanced with Tandem Bank recently, borrowing extra with the intention to extend the property. That extension has proved not to be possible and I now intend to purchase a further property as my primary residence and let the existing property out with consent to let. Is that likely to open up a can or worms?
- We have already let but only just realised Tandem Bank should've been notified and consent to let applied for - what's the best course of action now?
- Just wondering if if consent to let would be forthcoming from Tandem Bank enabling me to move back to my parents for 12 months and conserve some cash on the lease extension for my flat?
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some people to exploit?
- We need to contact Tandem Bank to enquire about letting out our flat. Do they post an application to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Tandem Bank