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
- Can you please inform me what Family Building Society charge for consent to let out part of my two bedroom ground floor purpose built flat? Any answers are appreciated.
- I am thinking of applying for consent to let from Family Building Society as my personal situation has changed. My stepdaughter started college and I concluded that we would move to the area and opted to purchase a house as opposed to spend the money on renting. After having bought the house I have fallen out with my step daughter and she is unwilling to move in. Given that the whole point was for her and the house location is not particularly convenient for my work I would like to move out and rent out the property
- Much to my surprise I have been offered a once in a lifetime job opportunity for eight months in New York. I do have sufficient money to cover the monthly Family Building Society mortgage however the block insurance requires continuous residency in order not to be invalidated. Last December the roof suffered storm damage but was repaired. Should there be any problems in the winter months I would struggle to cover the repair costs. Would I be eligible for consent to let via Family Building Society for a limited period?
- My fixed rate expires late next year and I'm planning on fixing for another 4 years with Family Building Society, hopefully rates will still be low. In two years time I may want to move for a couple of years to a different city. How simple is it to get consent to let by Family Building Society in this situation? I would be returning after two years to live in my property.
- I have a Family Building Society home loan currently and potentially wish to let it out for a short period of time with consent from Family Building Society for (two years). Just wanted to know is it something that is obtainable relatively quickly?
- I currently have a mortgage with Family Building Society that I would like to transfer to a consent to let as we have found another property we are looking to buy. How do I go about getting a consent to let from Family Building Society?
- We are about to buy a property and plan to live in it once we have renovated but we may need to let the property out but not clear on what the criteria is for consent to let from Family Building Society? We don't need a buy to let mortgage because we are not certain if we will need to let it out at all
- I am trying to find out if Family Building Society will grant consent to let in a situation where we need to move closer to relatives in a different house albeit that we may move back the future if circumstances change.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Family Building Society 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
One thing to remember when arranging a consent to let mortgage with Family Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 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 restrictions are not strictly observed you may be in breach of your covenants under 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Family Building Society