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.
Sample questions relating to Teachers Building Society consent to let
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I am about to join the property ladder interested in a detached house in Teachers Building Society. I have a 50% deposit with a mortgage from Teachers Building Society. My concern is that my girlfriend has a flat in Slough and I can foresee myself moving in next year, when I would have to let out my property. I understand that consent to let is required but it does not sound like a positive outcome is assured. Can you offer any advice?
- I have just been presented with an excellent career opportunity for 9 months abroad. I do have sufficient cash reserves to pay the monthly Teachers Building Society mortgage yet the buildings insurance stipulates that the property must be occupied in order not to be invalidated. Last December the roof was damaged but repaired. Should there be any problems during the winter months I would struggle to cover the repair costs. Would I be eligible for consent to let by Teachers Building Society for the period I am abroad?
- I'm planning to remortgage my garden flat, currently tenanted under consent to let from Teachers Building Society, onto a BTL rate as we will not be moving back into it now since we have our family home. So, I'm assuming I need a specialist financial adviser for this and I am not really conversant with what my options are. Are you able to offer any advice on an efficient broker service specialising in BTL?
- Good morning, I have consent to let my house with Teachers Building Society and am now looking to give my tenant two months notice as I intend to find a buyer. I am concerned about the property being unoccupied when the tenant leaves and finding a buyer. Not once have I missed a payment on the account, is it likely that I would be able to take payment breaks pending the sale of the property?
- It is looking as though I may need to move to Philadelphia for a couple of years, I have a property with a Teachers Building Society mortgage. Do I need to ask consent to let? Will they be cooperative?
- I am looking for some generic information on consent to let with Teachers Building Society: I am moving abroad. Potentially for many years. Nevertheless I will be on a six month trial period .I'm wanting to know how to go about getting consent to let from Teachers Building Society and what fees are to be incurred
- My husband and I need to lease out my flat to be nearer to my daughter's college and take care of my father. How long will the consent to let take to get from Teachers Building Society? 2 weeks?
- My wife and I spoken to someone at Teachers Building Society about changing our existing homeloan to consent to let (the existing 2 year fix ends in summer next year). Can I just confirm that I need to formally put the request in writing explaining our change in circumstance to Teachers Building Society? Where do I need to post it to?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Teachers Building Society consent to let Advice
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 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 inform your co-owner of your intention to let could result in them taking legal action 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