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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
- Am in possession of a mortgage offer from TSB, but we are running up against a serious block. My husband is the deputy head in a boarding school, and as such living quarters is a benefit of the job. We wish to buy a garden flat to get on the ladder, and rent it out while we're based at the school. I had thought TSB would grant consent to let from the outset of the mortgage. It appears that I may not be granted consent to let. Can you give me any ideas what we can do?
- Can you explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It has been on with agents for two months and I can't find a buyer. This is because my neighbour is noisey. I was obliged to mention it on the disclosure form. Mortgage is with TSB on a fixed rate. Someone mentioned I should obtain consent to let from TSB and rent the flat out.
- We wish to be informed of what the policy is for TSB for consent to let. I have come across various suggestions in relation to fees and rates. I need to move area for career reasons but I don't want to sell the property due to a depressed market.
- I have a residential mortgage on a garden flat in Southwark but have rented it out without making TSB aware of this. I now require a consent to let letter. How can I get one?
- My wife and I are about to switch mortgage provider to TSB for a fixed rate but during this period would need to rent the apartment out for about 12 months. Do TSB consent to let on fixed rate home loans and if so, what are the procedures.
- Do I need to wait for consent to let to be issued on my prevailing residential mortgage with TSB before applying for a resi mortgage on a second property?
- I am thinking of moving in with my boyfriend at his home and would like to rent out my property that I acquired twelve months ago, I'm just not sure of the process as my property is my first home. What do I need to do to obtain consent to let from TSB If I obtain consent will my mortgage payments rise?
- I would like to rent out my flat for three years max. How do I go about getting consent to let from TSB who I have a mortgage with?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above TSB 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
Failure to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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 TSB