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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.
Recently asked questions relating to TSB consent to lease
- A few months ago I rented out my one bedroom apartment having been given Consent to Let with my bank. Half a year has now elapsed and they have increased my payments as previously advised. I cannot transfer to a preferable product with them, as they will revoke my consent to let. Were I to go with an alternative provider for example TSB, would I need to take out a Buy To Let mortgage or could I just remortgage and ask for further consent to let?
- My fiance and I might have to lease out her flat, and I have a question regarding getting consent to do so. I know I need to inform TSB and get a consent to let or change to a BTL product. But the property is leasehold, so do we have to get consent to let from the residents association?
- I am may soon need to apply for consent to let from my existing mortgage provider TSB. A colleague of mine said that she was granted ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- I purchased a ground floor flat in Lewisham last Summer and have a three year fixed rate mortgage with TSB. Looking to move in with my boyfriend within the next 6 months and would like to lease out my property. Would like to be better informed as to the process.
- I am looking to get consent to let on my Wandsworth maisonette from TSB. I will be going abroad for 10-12 months so wish to know if I am able to rent out my flat
- There is a chance of me going to Aus for twelve months with work. Planning on taking my partner with me and hoping to rent our Barnet home in the meantime on a temp basis to make things more cost effective. I was just enquiring whether TSB currently allows consent to let
- I own a leasehold flat. I would like remortgage with TSB and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if I would need to pay that?
- Are you able to advise me how much the fees are and if TSB typically grant consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above TSB consent to let Questions and Answers
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
If 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 trigger 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
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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 TSB