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.
Top Five Questions relating to TSB consent to lease
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We have a TSB home loan and are are up to date with payments, in gainful employment etc. Can you tell me how much it will cost and if TSB usually grant consent to let without transferring to a different deal?
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What is the most extreme action TSB can take if I have Sublet my flat if consent to let is not first obtained?
- I am currently looking for a mortgage as first time buyer and considering TSB with my broker. Suppose I choose a five year fixed rate I live at the property and after twelve months, an opportunity comes up which involves a relocation requiring moving abroad. In the case TSB issues me consent to let,does the rate increase?
- I have a one bedroom apartment in Bromley let out which has a fifty year lease. Mortgage adviser suggested I should refinance (currently with TSB) as a buy to let rather than consent to let and release 55-60k which on top of a new mortgage based on income multiples would give me a budget of £210k. Not much about in Tower Hamlets for me to buy my own house. A lease extension will cost 19k. Not sure sure whether to hold on or sell the flat?
- I don't currently have consent to let from TSB but I would like to change to one, I am looking at working away for two years. But want to keep my house for my return - are you able to help?
- I am after further information regarding consent to let mortgages, potentially transferring our existing mortgage with TSB over to a consent to let one.
- Is there a set or maximum term how long I could rent my property out to a family member with consent to let from TSB. I no longer want to live in the area and want to buy a new home?
- I might potentially need consent to let from TSB in the future with work. I am just checking what the options would be if this was the case. Is there a limit on the length one can let out your property with consent?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above TSB consent to let Advice
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 trigger your insurance becoming invalid. 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 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 record their consent in writing.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed