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Need professional advice for your consent to let with Teachers Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Teachers Building Society consent to lease
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Doing everything by the book I’ve been leasing out my house with "consent to let" from Teachers Building Society on a regular mortgage for the previous three years. Teachers Building Society have put forward an ultimatum retracting their consent to let unless we swap to one of their "buy to let" mortgages.
- I remortgaged with Teachers Building Society recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a 2nd property as my main residence and lease the old property out with consent to let. Is that likely to land me in hot water?
- I rented my house out for three years from 2009-2012 while employed Amsterdam. I have a letter dated January 2010 from my lender granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not remortgaged since the letter was issued. I now plan to move house and rent out my existing house. However, my financial advisor has suggested that the 2010 consent to let letter may not satisfy the new lender Teachers Building Society for the property I wish to purchase.Your view would be appreciated
- My wife and I have decided to rent our two bedroom second floor purpose built maisonette out. We have made an offer on another property for us to purchase and a tenant at the ready to move into ours. I believe I have to ask our lender Teachers Building Society for consent to let. I wonder if there is a standard consent to let request letter I can use?
- I would like consent to let on my Harrow maisonette from Teachers Building Society. I will be leaving the UK for a year so wish to know if I can rent out my flat
- I wish to apply for consent to let from my lender Teachers Building Society to rent out my house. . Can you tell me whether Teachers Building Society grant consent to let in this situation?
- Is consent to let a cost efficient way of becoming a landlord? Isn't this a loophole for some people to exploit?
- What happens if a borrower has already leased out the property for a number of years as an HMO and now wish to go legit with Teachers Building Society by obtaining consent to let ? (assume Teachers Building Society had already issued a residential mortgage previously)
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Teachers Building Society 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Teachers Building Society your property may be repossessed