Need Help?
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.
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.
What is the most extreme action TSB can take if I have let out my house if consent to let is not first obtained?
I am a FTB looking to purchase a terraced house in TSB. I have a significant deposit and expect a mortgage from TSB. My predicament is that my partner inherited a apartment in Birmingham and I anticipate moving in next month, when I would want to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Is there any advice you can impart?
The reasons(s) for wanting to find tenants for the property are are due to: -
If TSB agreed that we are able to proceed with renting we would propose some financial assurances to include: -
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.
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them may result in your insurance becoming null and void. 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
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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.