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
-
I'm about to ask Teachers Building Society for consent to let out my house in Teachers Building Society. However I currently have the property for sale but there is no interest and forking out for a full mortgage, council tax and insurance on vacant house is hurting financially. What position would Teachers Building Society take if I have the house on the market?
- I have a shared ownership home in Westminster and will be looking to buy out the rest of the property. However, in the future I may be working in Kenya for a short period of time so would like to know what approach Teachers Building Society take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but as an aside can you provide further advice on their consent to let policy?
- I'm purchasing a maisonette in Brent. My plan is to reside there for six months, and subsequently move into a bigger home. Rather than sell the first home my preference would be to rent it out so that it becomes an investment. Do you know if Teachers Building Society would grant consent to let after 9 months?
- I have a question concerning consent to let. The property has a mortgage against it with Teachers Building Society (with quite a bit of equity). We are planning to move out of Cambridge and if at all possible would like to to rent out our house with consent to let from Teachers Building Society and use the income from that to help secure a second mortgage for a house to live in. How can I fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I'm planning to relocate to Kenya for eighteen months for my job but I don't want to convert my mortgage to BTL as the intention is to move back into it when I return. Do you know if Teachers Building Society charges extra on the interest? Is there any way around this?
- I am potentially moving in with my girlfriend but prefer not to sell my place. What is the process for seeking consent to let from Teachers Building Society, and what are the chances that this will be issued?
- Am I required to obtain consent to let if I let to a family member (in my situation my Dad now lives there and contributes towards the Teachers Building Society mortgage)?
- Do Teachers Building Society offer consent to let? I am just considering this as an option if I move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
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 conditions are not complied with you may be in breach of 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