Need Help?
Need professional advice for your consent to let with Family 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 Family Building Society consent to let
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Have any of your clients had experience seeking Consent to Letforfor less than a year from Family Building Society or if you have any tops as to how such approval is given.
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I am a FTB interested in a small house in Family Building Society. I have a 40% deposit with a mortgage from Family Building Society. My predicament is that my girlfriend has a flat in Slough and I can foresee myself moving in next year, at which point I would want to let out my property. I have heard of consent to let but it does not sound like there is any certainty. Is there any advice you can impart?
- I need to transfer my domestic mortgage with Family Building Society to a consent to let and looking for some advice please... I purchased my first home in Lewisham in 2009. After a new job opportunity I moved to Belfast, and 6 months ago got a residential joint-mortgage with my partner. I am inclined to keep with Family Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Family Building Society refuse what lenders can I approach.
- We are in need of a bigger house so our children don't have to bunk together. We are planning to purchase another house next year. Our house is worth £185k and we have about £55k remaining on the Family Building Society mortgage. We would ideally like to keep this house if possible and let it out with consent to let. Can you have a mortgage on two properties at the same time or do we first need to discharge our current mortgage?
- Can I refinance with Family Building Society with consent to let if my fixed rate is reaching it’s end. Circumstances would not have changed.
- I have had my mortgage with Family Building Society since 2007 and always made payments If I asked for consent to let would it be granted?
- I am looking to get consent to let with my Family Building Society residential mortgage. It is a mid terraced house. Will Family Building Society grant consent on this basis? Or would it be regarded as an HMO?
- 17 months into homeloan with Family Building Society due to work reasons need to move. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Family 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
Omitting 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Family Building Society