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.
Examples of recent questions relating to Furness Building Society consent to let
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Is it possible to remortgage on a consent to let with Furness Building Society?
- I am a couple of years up in my 5 years fixed term mortgage and have accepted a job abroad so would like to rent out my flat for two years. My LTV is about 50%. My query is if Furness Building Society will increase my interest for consent to let for the period that the property is tenanted?
- My flat has a mortgage against it with Furness Building Society and I have been letting out my flat omitting to get consent to let, which I am now led to believe means I am in breach of my mortgage contract. I suspect that they have sussed that I am not living there. What negotiating options do I have if I fail to sell it in time before they become aware I have breached my conditions?
- My lawyers have served eviction orders on a tenant who had not paid rent. The relevant claims have been issued. The tenant's defense for non payment is built on the assertion that I do not have consent to let my ground floor flat from my lender Furness Building Society
- My OH and I are nine months into a three year residential mortgage with Furness Building Society. Just curious whether it's ok to lease out the property on my existing home loan. Will Furness Building Society give consent to let?
- How much of my mortgage allowance will be made available to draw down on if I convert my mortgage to a consent to let with Furness Building Society?
- Can I remortgage to Furness Building Society from my existing provider, with a consent to let or do I need a let to buy mortgage, and if so what are the LTV's?
- Does my LTV need to be at a certain level to allow me to apply for a consent to let from my mortgage lender Furness Building Society. Will any consideration be given to the fact that I only drew down on the mortgage three months ago?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Furness Building Society 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
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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed