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.
Top Five Questions relating to Teachers Building Society consent to lease
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I work for a letting agency in loc and a potential tenant for the house has demanded sight of the ‘consent to let’ from the owners lender Teachers Building Society. Why would they ask for this
- Me and my husband are presently eighteen months into a year fixed rate mortgage with Teachers Building Society. We would like to acquire a larger second property in the next few months however would prefer to retain the first property and I was enquiring as to what reason we could put down on the consent to let form to obtain consent to from Teachers Building Society
- I need to change my residential mortgage with Teachers Building Society to a consent to let and looking for some help... I acquired my first property in Lewisham in 2009. After a career opportunity I moved to Belfast, and four months ago got a residential joint-mortgage with my partner. I am inclined to keep with Teachers Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Teachers Building Society refuse what lenders should I approach.
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Teachers Building Society. Can you help me?
- My Teachers Building Society mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- My daughter has a mortgage with Teachers Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the procedure and charges involved?
- Last month bought a studio flat in Redbridge. I am first time buyer. I am moving Glasgow next month, can I get consent to let from my lender Teachers Building Society or do I have to wait six months?
- Do Teachers Building Society offer consent to let? I am just considering this as an option if I move house in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Teachers Building Society consent to let Info
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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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
Failure to inform 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