Need Help?
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.
Common questions relating to Teachers Building Society consent to lease
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Helen (my partner) and I may need to lease our Hillingdon home temporarily due to a new job. This will be for a limited period but possibly for as long as five years. Must I notify Teachers Building Society or should I remain silent?
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Due to problems with the area we live in (it's rough!), we now want to move. As disposing of the flat will trigger a hefty early repayment charges to Teachers Building Society of £2500, we considered that it would best to rent it out. In the circumstances we need consent to lease from Teachers Building Society only a year. What can I do to get consent?
- We have a fixed mortgage with Teachers Building Society (with a little over two years left) but due to redundancy want to move away from NW London (actually to a new job in Poland) and so want to lease the property out. We don't want to have the expense of a repayment penalty and understand that some lenders are willing to grant this 'consent'...what is the approach adopted by Teachers Building Society?
- I took out a homeowner mortgage with Teachers Building Society last September and then had to relocate for work, I am now considering renting my apartment out for a few months whilst I am abroad. Am I able to get a consent to let from Teachers Building Society, and what effect would this have?
- We are about to buy a place and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Teachers Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I am trying to investigate if it is possible to get a consent to let mortgage with Teachers Building Society rather than a buy to let mortgage
- Do I need consent to let if I let to a family member (in my case my brother now lives there and contributes towards the Teachers Building Society mortgage)?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Teachers Building Society. Will it make a difference that I only drew down on the mortgage two months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Teachers Building Society consent to let Questions and Answers
Tax and Legal
There are numerous potential 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 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 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 commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Teachers Building Society