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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.
Recently asked questions relating to First Direct consent to lease
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We've been renting my wife's old house out with "consent to let" from First Direct on a standard mortgage for the past three years. First Direct have put forward an ultimatum withdrawing their consent to let if we do not swap to one of their "buy to let" products.
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Are any options available to me if my request to obtain consent to let is turned down by First Direct?
- I will soon be relocating to Hong Kong. Rather than sell my house, I would like to let it out, just in case things don’t pan out. My present mortgage is with First Direct. If I applied for a refinance would a new provider consider this as me trying to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and hence reject my request for Consent to Let?
- Meeting with my financial adviser on Friday. I will apply for Consent to Let from my current lender First Direct. My new property in Croydon will be 75% loan to value. Heard whispers that some lenders still dont accept consent to let customers and I may have issues regarding my new mortgage. Am I likely to encounter this problem?
- I'd like to know if on the balance of probabilities First Direct will grant consent to let out our home in Harrow
- I have a consent to let letter that I have attained from my management company. I presume I need to send this with a letter to First Direct with a view to securing consent to let from them. What address shall I post it to?
- Our First Direct mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I have a 1st time buyer mortgage with First Direct which is only six weeks in but I have been relocated with work. How easy is it to obtain consent to let from First Direct for a mortgage that has only just started and I have just purchased the property?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above First Direct 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
Failure 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 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
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 Direct