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.
Top Five Questions relating to Family Building Society consent to lease
- Me and my husband and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We presently have a Family Building Society mortgage. What are the fees involved and time limits on consent to let agreements?
- I am unable to find the form to download "consent to let" on the Family Building Society website. Could you please email me the URL to do it? Thanks a lot.
- My partner and I are planning to utilise equity in my current house to buy an additional property which I propose to live in whilst I refurbish. I would like to let out my existing property with the Family Building Society mortgage. I was just looking for a general view on whether Family Building Society currently allows consent to let? House is worth £300 k with a £200k mortgage in place.
- I have a mortgage with my wife on our flat which is up for renewal 12th May. I am having to relocate to Reading for my Job in February. Is it possible to move to a consent to let mortgage with Family Building Society?
- We are about to buy a place and plan to live in it once we have refurbished but we may need to let the property out but not sure what the rules are on consent to let from Family Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I am already leasing out my property but may have sussed what has been going on. I have 5 months left on my fixed rate. How easy is it to get consent to let from Family Building Society. Is it just a five minute phone call, pay the charge and that's it?
- Six weeks ago I bought my flat and took out a mortgage with Family Building Society but my boyfriend has asked me to move in with him. Would I be allowed consent to let?
- I'm looking in more information about consent to let from Family Building Society. Would a valid reason be issues with neighbours and the house is too big for me to run at this moment in time?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Family Building Society consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Family Building Society 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
Should the tenure of your property be leasehold, the lease may prohibit 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 violation of 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Family Building Society your property may be repossessed