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.
Frequently asked questions relating to First Trust Bank consent to lease
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My husband and I may need to let our Brent home temporarily due to me taking a sabbatical. This will be temporary but possibly for as long as five years. Should I tell First Trust Bank or am I best advised to remain silent?
- In what situations will consent to let for a property be granted by First Trust Bank? For what period of time do you have to have had the mortgage before consent to let can be obtained from First Trust Bank? By way of background we are moving abroad for 20 months with my husband's business and will need to rent our property. I am looking at getting a consent to let in the first instance with a view to renting the property out to offset the expense of the First Trust Bank mortgage.
- I had a chat with a mortgage broker friend last week. She said that if I decide to move abroad with my job for a period then I should not apply for consent to let from my lender (First Trust Bank) until at least four weeks before I plan to lease out my house. Am I to understand that I have to find a tenant first and then obtain a consent to let?
- I am planning to apply for consent to let from my existing mortgage provider First Trust Bank. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where conditions attached to the consent referred to an assured shorthold tenancy. Can you explain what this is?
- First Trust Bank homeowner mortgage. Will they grant consent to let a house for 18 months? I plan to return as a resident.
- What is the process for getting a consent to let application form from First Trust Bank and how quickly can I get the consent?
- I am already leasing out my flat but may have been sussed out. I have four months left on my fixed rate. How easy is it to get consent to let from First Trust Bank. Is it just a quick phone call, pay the charge and that's it?
- I was just enquiring how to get consent to let from First Trust Bank...do I phone them or write a letter to them?
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Information to consider in supplemental 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 conditions are not complied with you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Trust Bank