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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.
Frequently asked questions relating to Teachers Building Society consent to lease
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My partner and I are moving to Dubaiin Month, perhaps temporarily but conceivably longer term. We have just applied to Teachers Building Society to obtain consent to let out our property (we have already found tenants). I have had a mortgage with Teachers Building Society for Six years and I am up to date with payments. Teachers Building Society say, that even if they do agree, that this will be a temporary arrangement for one year. And then what?
- I have a 1st time buyer mortgage with Teachers Building Society and will be joining the Royal Fleet Auxiliary in January. This is a civilian manned fleet owned by the MOD. I will be at sea four months on and three months in the UK. Whilst on assignment I want to let out my property in Haringey and move in with my brother when on shore. What's involved in getting consent to let? Can it be granted? and does it involve an increase in interest rates?
- Presently my mortgage provider is Teachers Building Society. Can you point me to where I can download the consent to let submission forms from, as we are already renting out the house?
- Our fixed rate mortgage with Teachers Building Society comes to an end on 1st August. I am required to relocate to Newcastle with work in next month. I wish to rent the house in the short term. Can I get a consent to let the property?
- My Teachers Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I have a mortgage with Teachers Building Society but am wanting to let my house out and move in with my GF and baby what would I have to do to get consent to let?
- Can you tell me how much the fees are and if Teachers Building Society usually give consent to let without changing to a commercial rate?
- I took a domestic homeloan with Teachers Building Society. I purchased the property in September two years ago. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Teachers Building Society consent to let information
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
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 standard 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 lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach 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 Teachers Building Society