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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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I plan to ask First Trust Bank to obtain consent to let out my house in First Trust Bank. However I have put the house on the market but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on vacant house is draining me financially. How are First Trust Bank going to react if I market the property?
- How likely are First Trust Bank in issuing me with Consent To Let on a two bedroom first floor purpose built flat? Agents have had it on the market for two months. I am keen to sell but I'm concerned that given the lack of interest I will need to let out the property in order to cover the mortgage to First Trust Bank (I no longer reside at the address). My preference is to be up front with First Trust Bank than not tell them but I am concerned as to how accomodating they will be.
- I have just been on the phone to First Trust Bank and they tell me that they are now aware that I am letting out the one bedroom apartment even though it is on a domestic mortgage. I had to move two years ago for career reasons, was unable to sell and was left with little option but to rent out my property. Do you know what the ramifications may be for me not obtaining consent to let?
- I am in the armed forces and intending to purchase a home with a First Trust Bank mortgage. I would like to get consent to let this property to my mother and father in law. In the future I would reside in the property with my wife and kids when I leave the armed forces. Is this achievable?
- We are looking for some initial help re consent to let? We have a First Trust Bank mortgage and are considering leasing the property out for two years, but cannot really afford to convert to a buy to let rate. Is consent to let an alternative to to switching to a buy to let rate?
- I am trying to investigate if it is possible to get a consent to let home loan with First Trust Bank rather than a buy to let mortgage
- I am intending on relocating inside the next eight months and would like to rent my house out. My interest rate is fixed with First Trust Bank. I am worried a 1% increase would be too much if that was linked to receiving consent to let
- We are interested in more information regarding consent to let from First Trust Bank. Would a valid reason be issues with neighbours and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to 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
One thing to remember when arranging a consent to let mortgage with First Trust Bank 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 standard 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 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 conditions are not complied with you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed