Need Help?
Need professional advice for your consent to let with First Direct? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to First Direct consent to let
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What options are open to me if my application to obtain consent to lease is rejected by First Direct?
- I am with First Direct and just had to apply for consent to let, but it would be useful to know if they have any stipulations on the level of rental income?
- I own a house that's presently under shared ownership (My share is 60%) and I bought it in July 2013. I am currently going through the full purchase of the house. My partner and I also have in mind a second house that we are looking to buy. Mortgage in principle has been issued by First Direct. I want to know that I will be able to put the current house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new property
- My fiance called First Direct on Wednesday concerning consent to let. We are awaiting a returned call. We have put an offer in on a one bedroom apartment that has been accepted in principle so we need to know how likely it is that we will receive consent to let with First Direct?
- I would like to be informed of the criteria and requirements in place to change my First Direct mortgage to a consent to let?
- I don't currently have consent to let from First Direct but I would like to apply, An opportunity has arisen which might involve me working away for two years. But want to keep my house for my return - can you assist?
- Can I get an interest only mortgage with consent to let when my current First Direct deal runs out June 21?
- What information should I include in a letter applying for consent to let my house in Camden? I would like to send a request to my mortgage provider First Direct.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above First Direct 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 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
Should the tenure of your property be 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 breach 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with First Direct your property may be repossessed