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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.
Common questions relating to Teachers Building Society consent to lease
- If I were to rent out my one bedroom first floor purpose built maisonette with consent to let from Teachers Building Society, what proof would be required of tenancy? If after twelve months I decided to let it on a number of holiday term lets, am I still required to supply evidence to Teachers Building Society, or will they leave me alone as long as i keep up with the payments? E.G. if I sublet the room individually at some point in the future, is there any reason for Teachers Building Society to know and would they care?
- If I took out a new product with Teachers Building Society how long do I have to wait for consent to let without changing from a 1st time buyer mortgage?
- As a result of a change in family circumstances my husband and I are housesitting my mum and dad’s house while they are away and letting our home out. What is best way to approach my mortgage lender for a 'Consent-to-Let' ? We will need to refinance in the next year will we then have to move to a BTL mortgage. We will definitely return to our home at the beginning of 2017?
- I am in the Royal Air Force and planning to acquire a home with a Teachers Building Society mortgage. I would like to obtain consent to let the house to my mother and father in law. In the future I plan to live in the property with my family when my military career comes to an end. Will I need to apply to my superior officer to request permission to rent it out?
- I have to send the consent to let form by courier and need to know if Teachers Building Society have a regular postal address I can use as couriers ordinarily will not accept deliveries to PO Box numbers.
- I have separated from my wife and we have each moved into our parents house and plan to divorce. What do I have to do to get Teachers Building Society to give consent to let the property out to tenants?
- Can I remortgage to Teachers Building Society from my current lender, with a consent to let or do I need a let to buy loan, and if so what are the LTV's?
- I am relocating for work for up to 12 months... I was wondering if I was able to gain from Teachers Building Society consent to let the property out while I was away as I am reluctant to leave it vacant for that long
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Teachers Building Society 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 could result in your insurance becoming null and void. 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
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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Teachers Building Society your property may be repossessed