Need Help?
Need professional advice for your consent to let with Furness Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Sample questions relating to Furness Building Society consent to let
- I have a residential property but I am moving with my girlfriend to a different location for career reasons and moreover close to her university. My preference is to keep my house but not sure I can afford a BTL mortgage. It will only be short term -two years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Furness Building Society. Is there a chance I won't be approved for consent to let?
- I have a one bedroom apartment in Barnet let out which has a fifty year lease. Mortgage adviser suggested I should refinance (currently with Furness Building Society) as a buy to let rather than consent to let and release 45-55k which on top of a new homeloan based on income multiples would give me a budget of £195k. Not much about in Wandsworth for me to get my own place. A lease extension will be approximately 13k. Should I keep or sell the flat?
- I have a house that's presently under shared ownership (My share is 60per cent) purchased in September 2014. I plan to go through the full purchase of the house. My partner and I also have in mind a further house that we are hoping to purchase. Mortgage in principle has been approved by Furness Building Society. I would like 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 purchasing the new house
- I previously took a mortgage with Furness Building Society and the loan to value is currently 45% with the Furness Building Society current book value and I'm looking to purchase another property but would like to keep my current property at the current market value. I have had CTL from NRAM on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Furness Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 18 years so it was paid off as early as possible, obviously this leaves with quite a high monthly repayment.
- When it comes to consent to let from Furness Building Society am I obliged to tell them every time we get a new tenant and post them a copy of the lease document?
- I am looking to Furness Building Society to issue me with consent to let out my home in Wandsworth. I am moving to look after my mother who has severe complex heart failure
- I would like to get consent to let from Furness Building Society for a few years at which point I can turn it into a BTL. Is this achievable
- My husband and I want to consider the option of leasing out my flat with consent to let from Furness Building Society whist away travelling for a couple of months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Furness Building Society consent to let Info
Tax and Legal
There are numerous potential 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
If 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 trigger 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger 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.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed