Need Help?
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
- If I decided to rent out my maisonette with consent to let with First Trust Bank, what proof would be required of tenancy? If after 1 year I decided to let it on a series of holiday term lets, do I still need to provide evidence to First Trust Bank, or will they leave me alone as long as i keep up with the payments? E.G. if I let the rooms separately at some point in the future, is there any reason for First Trust Bank to know and would they take issue?
- The likelihood is that I will have the opportunity to work abroad in a couple of years. I am therefore potentially downsizing to a newer apartment in Sutton which I could rent out with less difficulty as and when required. The intention is to retain 50% equity in the new property which would be my home for a while. My current mortgage provider will only issue consent to let for 12 months. I suspect renting it out longer term and not informing them could result in a whole heap of trouble. Buy-to-let seems wrong given that I will be living there, maybe for 2-3 years initially. What product should I be seeking, and from whom? Would, for example, First Trust Bank grant consent to let for a longer period?
- How long after getting a new mortgage will a consent to let be likely to be given by First Trust Bank? By way of history I bought my property in Hounslow 2 years ago and am currently on a fixed term for 3 years. I subsequently met my partner and now we are looking at moving in together. I am planning to get a better fixed term next June. I presume that I would have to hold off for at least 6 months before I could seek consent to let. Is that correct?
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our 2 bed apartment in Camden we currently live in to rent out. Mortgage on the flat is with First Trust Bank. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- I am looking for information on the requirements that First Trust Bank set for consent to let? Can you assist?
- Were we to request a consent to let letter from First Trust Bank will we be forced to convert to buy to let mortgage? We are with First Trust Bank and as properties are not selling at the mo and we have seen one we like we were considering letting our home out in order to buy the new and dispose of this one when the value improves.
- I would like some guidance on how best to approach my mortgage lender First Trust Bank regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- Assuming that I was successful in obtaining consent to let from First Trust Bank, can I sell during the consent period? Is it possible that I would incur any penalties?
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 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
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 may 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
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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform 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