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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.
Top Five Questions relating to Family Building Society consent to lease
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My wife and I have a Family Building Society home loan and are never missed a loan payment, both employed etc. Can you tell me how much it will cost and if Family Building Society usually grant consent to let without changing to a commercial rate?
- The plan is to move in with my partner and I have let my property out to 2 tenants on a one year tenancy. I am now applying for consent to let from Family Building Society but what if they decline. I can’t renege on my contract in terms of not renting the students as they have all signed up. On the flip-side Family Building Society could sue me for contravention of contract i.e. renting it out in the absence of consent to let.
- I vacated my apartment about 4 months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in 2 months and I am considering refinancing anyway. I want to ask for consent now, is that going to open up a hornet’s nest?
- I have a apartment in Westminster with a Family Building Society mortgage but I no longer live there. My sister moved in but is there rent free. At the moment I live in rented premises and am keen to buy a house. I have found a great property at reasonable price. I have enough of a deposit to use on the house I am interested in but would be hard pushed to pay enough off the old property to change it to a buy to let loan at the same time. Can I transfer the current Family Building Society mortgage for my old apartment into a consent to let and use my reserves to pay a larger deposit for the residential mortgage on the property that I am looking to purchase?
- I have a domestic mortgage with Family Building Society, and I would like to let the property out, until I decide whether to sell or retain it as an investment. As things stand I am on the fixed rate. Will I need to remortgage? I.E. buy to let?
- Not sure if you can help What do we need to do to obtain consent to let from Family Building Society? And what are the costs involved?
- I am enquiring as to whether there are any restrictions in obtaining consent to let on a freehold property when I have a mortgage with Family Building Society
- I got a residential homeloan with Family Building Society. I acquired the property in March two years ago. How difficult will it be to get consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Family Building Society 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
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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Family Building Society your property may be repossessed