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.
Questions and Answers: Teachers Building Society consent to let
- I I have a homeowner mortgage with Teachers Building Society but I would like to occasionally take in lodgers....am I obliged to obtain consent to let from Teachers Building Society?
- I found tenants for my flat in the summer and didn't tell Teachers Building Society. I have a three year domestic mortgage (significant equity in it, never defaulted) and want to let Teachers Building Society know and get consent to let for the final two years of my mortgage . I am unsure what to do.
- I am currently a Teachers Building Society mortgage borrower looking for consent to let on my current property. We would like to purchase in close proximity to where we are based with the Army,... but we may have to relocate.
- Enquiring if Teachers Building Society conduct any checks when applying for a resi mortgage, I'm ideally looking to rent the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I lease the house out?
- Will Teachers Building Society want to know my reasons for applying for consent to let? Should I inform them of my potential move abroad?
- How much of my loan allowance will be made available to draw down on if I change my mortgage to a consent to let with Teachers Building Society?
- I recently purchased a property with 10% deposit for personal reasons. A mortgage was taken with Teachers Building Society. But my circumstances have now changed. I am being transferred out of the location. Am I able to get consent to let from Teachers Building Society and put the property up to let?
- Please can you provide me with advice as to how to proceed with obtaining consent to let from Teachers Building Society and what, if any, cost apply.
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 Info
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
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
Leasehold properties
Should the tenure of your property be 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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 Teachers Building Society