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Need professional advice for your consent to let with First Trust Bank? 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 First Trust Bank consent to lease
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Is it possible to remortgage on a consent to let with First Trust Bank?
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Soon to be packing up as my wife and I will move back to Beijingin Month, possibly short-term but potentially longer term. We have just applied to First Trust Bank to obtain consent to let out our property (we have already found tenants). The mortgage has been in place with First Trust Bank for three years and I am up to date with payments. First Trust Bank inform me, that even if they give permission, that this will be limited for 12 months. And then what?
- I am looking to emigrate to Beijing . Rather than sell up, I wish to rent my current property out, just in case things don’t work out and I decide to return in one or two years. My current mortgage is with First Trust Bank. Would I be able to remortgage with another mortgage lender on a much lower interest rate then apply for Consent to Let after the re mortgage has completed?
- What information do First Trust Bank need to to decide whether to grant consent to let. I have a 5 year fix with them. I have always paid the mortgage on time. I am planning a move to Enfield due to surprising growth of family. My financial situation has not deteriorated and in fact my annual income has increased by thirty per cent since the mortgage commenced.
- I currently have a mortgage with First Trust Bank that I would like to transfer to a consent to let as we have identified another property we are looking to purchase. What is the procedure for consent to let?
- Me and my husband want to let our house out and use the rental income to pay rent on a house in Ealing. What are the chances of being given consent to let by First Trust Bank without being forced onto a BTL product.
- Is there a fixed or maximum term how long I could let my property out to a family member with consent to let from First Trust Bank. I no longer want to live in the area and want to buy a new home?
- Me and my wife and I have four months to run on a two year residential mortgage with First Trust Bank but now let the house out. is it safe to assume they will simply charge a set fee for consent to let?
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Information to consider in supplemental the above First Trust Bank 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
Where you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them could result in your insurance becoming invalid. 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
If your property is 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 violation 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 record their consent in writing.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed