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.
Common questions relating to Family Building Society consent to lease
- I have a friend who is thinking about leasing their property out and moving in with partner. The property is in Enfield and has a £95k home loan with Family Building Society. What would she need to do to get consent to let if she decides to proceed.
- I am looking to acquire a ground floor flat in Bromley. My intention is to be there for under a year, and then move into a bigger property. Rather than sell the first flat I'd like to rent it out so that it becomes an investment. Do you know if Family Building Society would issue consent to let after half a year?
- In the coming months I would like to move home and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid thus being chain free and then rent my property out once I move. Is it likely that Family Building Society grant consent to let for 12 months if they know I am wanting to buy somewhere else or only where one is moving temporarily for career reasons?
- A colleague recently sought CTL from the Woolwich which they declined as the mortgage had not been going for even half a year. I am about to ask for consent to let from Family Building Society. Do they adopt the same rule?
- We have tenants ready to move in and I have mortgage offer from Family Building Society on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Will Family Building Society choose to operate a right to convert the rates on a owner-occupier mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one refinance on a consent to let with Family Building Society?
- I am relocating for work for up to twelve months... I was wondering if I was able to get from Family Building Society consent to let the house out while overseas as I am reluctant to leave it unattended for that long
- I'm considering a remortgage offer with Family Building Society and it's a strong possibility that I will end up asking for consent to let during the fixed period. Are there any charges I should be aware of?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental 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
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 regular 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 obtain the consent of the freeholder. If such conditions are not complied with 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Family Building Society