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Need professional advice for your consent to let with TSB plc? 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: TSB consent to let
- I have a residential property but I am moving with my girlfriend to a different location for work purposes and moreover close to her university. I would like to retain the property but it is unlikely that I can afford a BTL mortgage. It will only be temporary -3 years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with TSB. Do you think they will grant consent to let?
- How long do I need to have a further advance from TSB before I can get consent to let. Can I speak with someone to discuss my options please?
- Our present house in Hillingdon has probably about £120K equity with a home loan with TSB. It's a nice family house in a popular location and it should rent easily. We are possibly moving for my husband's work and were considering holding onto the house on as an investment property - would we need to change the loan to a buy to let product or should we apply for consent to let from TSB?
- It seems as though I will have the chance to go and work abroad in a couple of years. I am therefore thinking of scaling down to a newer apartment in Bexley which I could rent out more easily as and when required. I would aim to keep 50% equity in the new apartment which would be my home for a while. My existing mortgage provider will only give consent to let for 12 months. I suspect renting it out longer term and not informing them could land me in a whole host of trouble. Buy-to-let seems unnecessarily expensive given that I will be living there, maybe for 2-3 years initially. What type of mortgage do I ask for, and from whom? Would, for example, TSB issue consent to let for a longer period?
- I currently have my mortgage with TSB and have been for the past eighteen months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- Do TSB grant consent to let? I am just considering this in order to move home in the coming months
- What, if any, income criteria do TSB set for consent to let on an existing domestic mortgage?
- I need to contact TSB to enquire about letting out my home. Do they post an application to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above TSB consent to let Info
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed