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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.
Questions and Answers: Teachers Building Society consent to let
- May I ask if it is possible to obtain a consent to let with non-commercial loan with Teachers Building Society? We are intending to move to Bromley to live closer to our daughter’s university, but we are uncertain whether the move will be for more than eighteen months.
- I was hoping you could please give me a little info on the consent to let process. I am considering a Teachers Building Society mortgage on a £350,000 house later this year. The intention is to hold the house as a second home but I need to know what options are available to me to let the property in the future. If our circumstances were to change the house would either be sold or let out.
- I found tenants for my apartment a year ago and didn't tell Teachers Building Society. I have a five year homeowner mortgage (healthy equity in it, no arrears) and want to let Teachers Building Society know and get consent to let for the final two years of my mortgage . I am unsure how to go about this.
- My partner and I currently live in Dubai and renting out our flat in Newham. This is not something we planned but an opportunity came up and we took it. The rent achieved on the property is not enough to cover the mortgage so we transfer funds each month to make up the difference. Earlier today I got a letter in the post from our lender telling me that as the property is being let out and has been for nearly two years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell up but this will be far from easy as I am on the other side of the world. Would it be possible to remortgage with Teachers Building Society and get consent to let?
- I was just curious as to whether Teachers Building Society would give consent to let and what kind of fees, penalties and new rates etc
- I have split up with my ex and we have moved back in with our respective parents and plan to divorce. What do I have to do to get Teachers Building Society to give consent to let our house out to students?
- I am looking for consent to let for my flat as I am moving out for 6 months currently fixed Teachers Building Society mortgage with two years which is due on May next year.
- If I have an existing standard mortgage with Teachers Building Society and am planning to rent it out in the future will I be given consent to let? What is the process and charges involved?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further 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
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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