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.
Common questions relating to Teachers Building Society consent to lease
- What information do Teachers Building Society need to to decide whether to grant consent to let. I have a 3 year fix with them. I have a good track record of mortgage payments over several years. I am looking at moving to the countryside owing to surprising growth of family. My financial circumstances have not deteriorated and in fact my annual income has gone up thirty per cent since the mortgage commenced.
- I have a Teachers Building Society mortgage and have been letting out my apartment omitting to get consent to let, which I am now led to believe means I am in breach of my mortgage conditions. I think I have come onto their radar that I am not living there. What are the legal connotations of my failure to secure consent to let?
- I would like to let my one bedroom apartment out from the end of June this year as I will be going for a few months. I have a homeowner mortgage with Teachers Building Society. I will not be letting for more than 6 months. Most likely it will be 4-5 months. I have been told to seek consent from my freeholder first? Please can you advise what I should be doing in what order?
- As we are relocating and unable to sell our flat, we are mulling over letting it out. Am I duty bound to inform Teachers Building Society? If we do, I think they will want to change our mortgage to buy to let and increase rate which we can't afford. I thought if you continued making my monthly payments it shouldn't be a problem, but am now worried about insurance connotations if we haven't got consent to let. Any advice?
- At the moment I do not have consent to let by Teachers Building Society but I would like to change to one, An opportunity has arisen which might involve me working away for a couple of years. But want to keep my home for my return - can you help?
- Prospective tenants are about to rent 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.
- Are you aware of any flexibility in the accepted equity ration before transferring from an existing Teachers Building Society mortgage to a consent to let?
- I'm considering a remortgage offer with Teachers Building Society and it's likely I will end up asking for consent to let during the fixed period. Are there any charges I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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 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 your covenants under the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Teachers Building Society