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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.
Teachers Building Society consent to let: Q and A’s
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I acquired a garden apartment in 2012 for £147,000 with Teachers Building Society. My husbands career requires that we move to Qatar and now wish to apply for consent to let from Teachers Building Society. Will they give consent?
- I am currently in the process of emigrating to Moscow . Rather than finding a buyer, I would prefer to rent my existing property out, just in case things turn out badly and I decide to return in a couple of years. The current mortgage is with Teachers Building Society. Would I be able to refinance with another mortgage lender on a much lower interest rate then apply for Consent to Let after the refinancing has completed?
- We purchased a property in 2008 with the help of a housing association, I own 50% by way of bank loan and rent the remaining half. Three years ago I purchased a new house. I rented out my first property and moved to my new property. I obtained consent to let from my lender and I thought I had consent to let from the housing association. Yesterday I was contacted by the housing association saying they had nothing on record to say I had procured permission to sublet. What do I do now?
- My fixed rate runs out June next year and I wish to fix for another 4 years with Teachers Building Society, with any luck rates will remain low. In in next couple of years I might want to move temporarily to a different city. How problematic is it to get consent to let from Teachers Building Society in these circumstances? I would be coming back after two years to reside in my property.
- I am thinking of renting my apartment will Teachers Building Society charge me for a consent to let letter?
- Just wanted to know what needs to be provided to Teachers Building Society in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my boyfriend.
- I have only recently completed my mortgage with Teachers Building Society since when my boyfriend has proposed and we are deliberating whether to reside in his house or my property. Would I be allowed consent to let if I were to move in with him
- Me and my OH and I have 5 months to left on a 2 year residential mortgage with Teachers Building Society but now lease the house out. is it safe to assume they will simply charge a flat fee for consent to let?
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Information to consider in supplemental 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
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 the lease. This could potentially result in 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Teachers Building Society