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.
Teachers Building Society consent to let: Q and A’s
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Always on the look out for a money making scheme I am contemplating leasing out my apartment and make money from it whilst on holiday. It will only likely be for ten days. Will consent to let be needed from Teachers Building Society?
- I want to see if I can obtain consent to let on my existing home. I have a mortgage with Teachers Building Society but my circumstances have changed. I'm about to move in with my partner and daughter who have a house and more room than my studio property. I am sure that I will not qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- Last month I received consent to let on a residential loan with Teachers Building Society with a view to moving to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm unclear if this complications to the issue! Any recommendations gladly appreciated.
- Am I obliged to inform Teachers Building Society of my plan to rent a caravan out on the grounds of my property. Can you help clarify? I am taking independent advice on the insurance, legal and tax side of things .
- If I am tied into a fixed rate with Teachers Building Society but am considering letting out my property, is there a cost for consent to let from Teachers Building Society and does the interest rate increase?
- Is it possible that Teachers Building Society would have an internal record as to whether consent to let was granted for a specific property?
- I have had my mortgage with Teachers Building Society for the previous eighteen months and I am at present just wanting clarification as to whether gaining a consent to let is likely.
- Just wanted to know what needs to be provided to Teachers Building Society in order to get consent to let? I just finished a three year fixed mortgage and possibly moving to another house with my husband.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Teachers Building Society 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 Teachers Building Society 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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