Need Help?
Need professional advice for your consent to let with Family Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Family Building Society Consent to Lease Example Support Desk Enquires
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I currently let out my flat in Bexley. I didn't apply for consent to let. I moved to Amersham for career reasons and couldn't do a commute but was nervous that Family Building Society would charge me an arm and a leg so I decided to take the risk. I'm hoping to legitimise it now... basically carry on letting it but with consent. What course of action do I take now?
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Have any of your clients had experience asking for Consent to Leasefor12 months from Family Building Society or if you have any advice as to how such consent is gained.
- How many months do I have to live in the property before applying for consent to let from Family Building Society? I bought my apartment with a Family Building Society mortgage eightmonths ago.
- I have been serving in the armed forces for six years and intending to buy a home using a Family Building Society mortgage. I would like to be given consent to let the property to my mother and father in law. In the future I would reside in the property with my family when I leave the armed forces. Is this achievable?
- I have a mortgage with Family Building Society and am considering letting it for three months while on holiday. Will Family Building Society consent to this?
- I am deliberating on renting my apartment will Family Building Society invoice me for a consent to let letter?
- I have a consent to let letter that I have obtained from my management company. I would think I need to send this with a letter to Family Building Society with a view to gaining consent to let from them. What address shall I send it to?
- My daughter has a mortgage with Family Building Society and she wants to lease her apartment out as she moving in with her boyfriend.Will she be issued with consent to let? What is the process and what needs to be done next?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Family Building Society consent to let Info
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
Omitting 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 lease may prohibit 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
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Family Building Society