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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.
Recently asked questions relating to TSB consent to lease
- My cousin and his fiance currently lodge with me at my apartment. After Christmas I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from TSB after only having the mortgage for six months?
- Am I required to notify TSB of my plan to rent my property out as a holiday let for twelve weeks. Can you shed any light on this? I am seeking independent advice on the insurance, legal and tax side of things .
- Our fixed rate mortgage with TSB comes to an end on 17th May. I am about to relocate to Paris for my Job in March. I wish to rent the house initially. Can I get a consent to let the property?
- I have been serving in the Royal Navy for six years and am looking to purchase a property using a TSB mortgage. I would like to get consent to let the property to my sister. In years to come I would reside in the property with my wife and kids when I leave the Royal Navy. Is this achievable?
- I hope to buy a new house but can't afford to sell my existing apartment with a TSB mortgage. Do you know acceptable terms for TSB to give consent to let? Is getting married and having kids a good enough reason to make the request?
- Me and my husband want to let our house out and use the rental income to cover the rent on a house in Barnet. What are the chances of being given consent to let by TSB without being forced onto a BTL product.
- I am considering relocating with work and would need to rent my property out. I have a mortgage with TSB. My property is worth approx £250k and owe £48k on it. Will TSB increase my mortgage rate?
- My husband and I took out a mortgage with TSB a few months ago and although it's still early days we may have to relocate around next Summer and would like to be able to rent our house out. Would this be possible with a non- BTL mortgage?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above TSB consent to let Questions and Answers
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 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
If your property is 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
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.
If you do not keep up the payments on your mortgage with TSB your property may be repossessed