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.
Common questions relating to TSB consent to lease
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My husband and I bought a terraced property in 2011 for 185,000 with TSB. I got married to someone in the forces so moved in to married quarters in Belgium and appreciate that I have to have to get consent to let from TSB. Do you have any experience of consent to let from TSB?
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If push comes to shove what action TSB can take if I have rented my property in the absence of consent to let?
- I am looking to emigrate to Beijing . Rather than sell up, I would like to rent my current property out, just in case things don’t work out and I decide to return in a couple of years. The current mortgage is with TSB. Would I be able to remortgage with another mortgage lender on a much lower interest rate then apply for Consent to Let after the refinancing is in place?
- We have a flat in Waltham Forest which we purchased off-plan approximately seven years ago. As childen are growing up we are looking for a bigger place. We've found a house in Hackney that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with TSB and we've found a tenant who will pay rent in excess of the monthly mortgage payment. My query is, can we retain the repayment mortgage with TSB so we effectively paying off our loan on the flat or must we to transfer to a buy-to-let mortgage?
- I am looking for information on the requirements that TSB set for consent to let? Are you able to help?
- As a result of job opportunities I will be relocating to Belfast and would like to rent the flat temporarily, please let me know what action I need to take in order to get consent to let from TSB?
- Will TSB choose to operate a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with TSB?
- I am considering moving in with my boyfriend but do not want to to sell my flat. How do I go about seeking consent to let from TSB, and how likely is it that this will be obtained?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above TSB consent to let information
Tax and Legal
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.
Insurance
One thing to remember when arranging a consent to let mortgage with TSB is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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
Should the tenure of your property be 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with TSB