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.
Frequently asked questions relating to Teachers Building Society consent to lease
- Are you able to tell me what Teachers Building Society charge for consent to let out a room in my ground floor flat? Any insights would be appreciated.
- If I was to let out my two bedroom ground floor purpose built flat with consent to let from Teachers Building Society, what evidence would be required of tenancy? If after 1 year I decided to let it on a number of short term rental, am I still required to provide evidence to Teachers Building Society, or will they be content provided i keep up with the payments? E.G. if I sublet the room separately at some point in the future, is there any reason for Teachers Building Society to be informed and would they care?
- I own a property that's presently under shared ownership (My share is 50per cent) and I bought it in July 2013. I plan to go through the full purchase of the house. My partner and I have also got a further house that we are looking to purchase. Mortgage in principle has been issued by Teachers Building Society. I would like to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new house
- Meeting with my broker on Tuesday. I am going to seek Consent to Let from my current lender Teachers Building Society. My new property in Hackney will be 75% loan to value. I have been told by a friend that some lenders dont want consent to let customers and I may have issues regarding my new mortgage. Is there any truth in this?
- If I let my house out with consent to let from Teachers Building Society will there be any rate uplift? I am currently on a standard variable rate.
- Just wondering if if consent to let would be forthcoming from Teachers Building Society in order to move back to my parents for 12 months and save the cash to extend the lease on my flat?
- I want to take in lodgers for my one bedroom apartment in Ealing which I live in. My mortgage is with Teachers Building Society. Will they grant consent to let?
- What are the changes that Teachers Building Society force me into a consent to let product whilst in a fixed rate product for 2 years?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Teachers Building Society consent to let information
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 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.
If you do not keep up the payments on your mortgage with Teachers Building Society your property may be repossessed