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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Will TSB invoke a right to put a loading on my interest rate on a standard mortgage where the lender has granted Consent to Let at any time, onto ‘rates equivalent to their BTL range'?
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I have a homeowner mortgage over my home in loc and intend to move to country for three years. During this period it would be ideal if I could rent out my apartment. My mortgage provider says I cannot have consent to let. I don’t really want a buy to let mortgage as it’s only for a short period that I am abroad for.
- After having retired last month I acquired a “retirement home” for my wife and myself to move to. We would like to let our current property to our grandson and I have consequently contacted TSB for consent to let. Do you think this is likely to be granted?
- Can you clarify the services that you provide - I have a mortgage with TSB and I would like to apply for consent to let - do you effectively help with the application for this and help answer questions related to it?
- I don't currently have consent to let from TSB but I would like to apply, An opportunity has arisen which might involve me working away for a couple of years. But want to keep my home for when I come back - are you able to assist?
- Do I need to wait for consent to let to be issued on my current domestic mortgage with TSB before applying for a resi mortgage on a new property?
- I recently purchased a house with a TSB home loan. However I am currently living with parents. I don't want to move in until September 2017 due to some family reasons. In meantime can I let out the property with consent to let?
- I need to contact TSB to enquire about letting out our home. Will they post an application to me. Is there a form I can download?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above TSB consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with TSB