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.
Examples of recent questions relating to Teachers Building Society consent to let
- My partner and I may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Teachers Building Society mortgage. Is there any criteria for consent to let that the property or individual has to meet?
- Last month I received consent to let on a standard loan with Teachers Building Society with the intention of transferring to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm uncertain if this adds to the complexity of the issue! Any insight gratefully appreciated.
- I am a letting agent. Where a landlord chooses to lease out their house without consent to let from Teachers Building Society - have I failed in my duty of care? Technically the landlord isn't breaking the law, however, they would be breaching their agreement with the Teachers Building Society, as Teachers Building Society invariably require to be informed of any change in circumstances. If I look the other way could I be storing up problems for my agency?
- I have a mortgage with my fiance on our apartment which is up for renewal 31st October. I am having to relocate to Bristol for my Job in February. What are the chances of being able to transfer for a consent to let mortgage with Teachers Building Society?
- I have to send the consent to let form by courier and wanted to know if Teachers Building Society have a regular mailing address I can use as couriers usually will not accept deliveries to PO Box addresses.
- What is the longest period that Teachers Building Society is willing to issue Consent To Let for?
- I have a domestic mortgage with Teachers Building Society - 40% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be given so I could lease out the house?
- I have a residential mortgage with Teachers Building Society, and I would like to rent the flat out, until I decide whether to sell or keep it as an investment. As things stand I am on the standard variable rate. Will I need to move onto a new mortgage? I.E. BTL?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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
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 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 conditions are not complied with you may be in violation of 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 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