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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.
Questions and Answers: Family Building Society consent to let
- We have just sorted our rates for another fixed period with Family Building Society. Subsequently, I went to an interview and basically I accepted the job offer in Hackney. I'm going to rent a small flat for the family in Redbridge as we don't want to sell the house whist there is a chance that we come back before two years.... We really don't know whether it will work out. We have contacted Family Building Society but we would like also your point of view please. Is it possible to obtain consent to let in that case as we just got a fixed 5 years rate we really don't want to lose this rate.
- I have just received a mortgage offer with Family Building Society. With any luck I will get keys in the next few weeks, however I may potentially be posted overseas for work. How likely is it for me to obtain consent to let from Family Building Society shortly after drawing down on the mortgage. Do I have any other options?
- I have a question concerning consent to let. The property has a mortgage against it with Family Building Society (with quite a bit of equity). We are planning to move out of Bristol and if at all possible want to rent out our house with consent to let from Family Building Society and use the income from that to help get approval for a second mortgage for a house to live in. What is the best way to fund a second mortgage without selling my old property and using the equity as a deposit for the new property. Is there anyway I can change my old mortgage to a buy to let mortgages or obtain consent to let and take on a second mortgage without having a deposit to put down.
- I purchased a garden flat in Merton ten months ago and have a two year fixed rate mortgage with Family Building Society. Looking to move in with my fiance next month and wish to lease out my property. Would like to be better informed as to the process.
- It would be helpful to know if Family Building Society are likely to grant consent to let out our flat in Enfield
- Just enquiring if it's possible if you own one property with consent to let from Family Building Society, to purchase a second with a domestic mortgage to live in. Then once the consent expires on the first property, to convert to buy to let or sell it?
- I was wondering if you can help. I do not have consent to let from Family Building Society and was wondering if this option is available to me to switch to as I need to move back home to look after my father
- I have a mortgage with Family Building Society. I am considering moving out and letting out my flat. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be leasehold, the lease may prohibit 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 breach of the lease. This could trigger 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 record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Family Building Society