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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 have a normal mortgage over my property in loc with the intention of relocating overseas to country for a couple of years. During this period it would be ideal if I could lease out my apartment. My mortgage provider refuses to issue a consent to let. I wish to avoid taking out a buy to let mortgage as it’s only for a limited time-frame that I am going away for.
- I had a chat with a mortgage broker friend last week. He said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my lender (Teachers Building Society) until at least 2 weeks before I plan to let the flat. Does that mean I have to find a tenant first and then obtain a consent to let?
- In a situation where a landlord chooses to lease out their property in the absence of consent to let from Teachers Building Society - what, if any implication might there be for an agent acting on their behalf?
- My partner and I took a loan out on a garden flat last May however I will be working outside of commuting distance of Greenwich in the medium term but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do hope to return to Greenwich so would like to keep it. How difficult is it to get consent to let from Teachers Building Society and how do I go about applying ?
- Iwould like to rent out our home and purchase another. What do I need to supply Teachers Building Society to get consent to let?
- Prospective tenants are about to move into my property and I have mortgage offer from Teachers Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I am after more information regarding consent to let home loans, potentially switching our existing mortgage with Teachers Building Society across to a consent to let one.
- I am hoping to fix my residential mortgage with Teachers Building Society but due to work related issues I will probably have to live abroad for a couple of years. Will Teachers Building Society allow and grant consent to let and will any penalties be applied in such a situation
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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Teachers Building Society