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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
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My husband and I purchased a mews house in 2010 for 305,000 with Teachers Building Society. I got married to someone in the RAF so moved in to married quarters in Gibraltar and appreciate that I have to request consent to let from Teachers Building Society. Do you have any experience of consent to let from Teachers Building Society?
- I acquired a garden flat last year with a Teachers Building Society home loan but want to sublet the property. I want to move into a house as our kids are growing up and a single room apartment is not big enough - in addition if I lease it out I can save some money. Do I require consent to let fromTeachers Building Society?
- My wife and I reside in a marital property where we have numerous empty rooms. We are considering the idea of running an AirBnB type business to let rooms out on a short term basis. Is this is likely to be acceptable in accordance with Teachers Building Society’s consent to let protocol?
- I let my house last June and didn't tell Teachers Building Society. I have a three year residential mortgage (large amount of equity in it, never defaulted) and want to let Teachers Building Society know and get consent to let for the remaining 24 months of my mortgage . Not sure what to do.
- Can you explain the process for procuring consent to let by Teachers Building Society? Is there specific requirements for instance you must have owned the property for over 6 or 12 months before its issued?
- I would like to know if I have a residential mortgage with Teachers Building Society and decide to rent it out, does the rate get loaded and are there any additional costs for obtaining consent to let.
- My mortgage is presently with Teachers Building Society and am considering whether to sell or rent in the short term but don't have the equity for a buy to let mortgage at this time. What are my consent to let options currently?
- I am currently remortgaging and exploring the flexibility of certain mortgage providers when it comes to consent to let. Teachers Building Society is one of the mortgage companies I am considering. How accommodating are they when it comes to consent to let?
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General Advice to read in conjunction with the above Teachers Building Society consent to let Advice
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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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