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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.
Top Five Questions relating to First Trust Bank consent to lease
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What do I do if my request for consent to lease is subsequently refused by First Trust Bank?
- Last month I was offered a job abroad and considering whether it's worth leasing my property out. Will First Trust Bank allow me to change mortgage or issue me with consent to let? If not I will have to consider if I should accept the job. I wouldn't mind paying more as it is likely that I will come back and move into my home after twenty four months. I'm not doing it to to make money. Just love my house and want to return to it at some point in the future.
- I have an offer accepted to buy a property, we have a deposit of between 20-25% for a homeowner mortgage with First Trust Bank. The small problem is we are due to go overseas in two months for work. We are going through our mortgage broker. She says if you tell this to First Trust Bank up front you will need to get a buy to let. Do go ahead with residential mortgage with First Trust Bank, in a couple of months seek consent to let? Otherwise, do we try and contact First Trust Bank now and reveal there is a possibility we will move abroad in the future (nothing is definite regarding the move abroad) and see if they agree in advance that it should not be an issue
- I have a mortgage with a friend on our property which is up for renewal 17th December. I am having to relocate to Birmingham with work in January. What are the chances of being able to switch to a consent to let mortgage with First Trust Bank?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with First Trust Bank. My property is worth approx £185k and owe £57k on it. Will First Trust Bank increase my interest rate?
- I am relocating for work for as long as a year... I was wondering if I was able to gain from First Trust Bank consent to let the property out while I was away as I do not want to leave it vacant for that long
- Seven weeks ago I completed my mortgage with First Trust Bank since when my boyfriend has proposed and we are deciding whether to reside in his house or mine. Would I be allowed consent to let if I were to move into his property
- One year into a homeloan with First Trust Bank due to job offer.. need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above First Trust Bank consent to let Advice
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
If 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 inform them could result in your insurance becoming null and void. 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 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 violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 First Trust Bank your property may be repossessed