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.
Sample questions relating to Family Building Society consent to let
- I have a residential property but I am moving with my girlfriend to a different city for career reasons and moreover near her university. I would like to keep my property but it is unlikely that I can afford a buy to let rate. It will only be temporary -two years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Family Building Society. Is there a chance I won't be approved for consent to let?
- We may need to rent out our home for a while due to a career opportunity. As we will be away for no more than twelve months would we need a consent to let our house. We already have a Family Building Society mortgage. What costs are levied and is there a time limit on consent to let?
- After ten years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to renew our mortgage with Family Building Society. In Barnet, we are be looking at a 3-bed property around the £275k mark. I would preferably like to retain my existing apartment. Could I ask for Consent to Let from the proposed new lender Family Building Society. If granted what are the likely conditions?
- My husband and I recently sorted our rates for another fixed five years with Family Building Society. However, I went to an interview and basically I accepted the job offer in Barnet. I'm going to rent a one bed flat for the family in Southwark as we don't want to sell the house whist there is a possibility that we come back before two years.... We really don't know how things will work out. We called Family Building Society but we would like also your point of view please. Is it possible to have a consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- I have a mortgage with Family Building Society and am considering letting it for six weeks while on holiday. Will Family Building Society consent to this?
- Interested to know if I would be able to get consent to let from Family Building Society enabling me to move back to my mother and father for 12 months and save the money on the lease extension for my property?
- I am trying to investigate if it is possible to get a consent to let home loan with Family Building Society rather than a buy to let mortgage
- I have a mortgage with Family Building Society taken three months back where I moved from another mortgage provider. Am I now able to rent my property with consent to let from Family Building Society as I am looking to purchase another property.
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Family Building Society consent to let information
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
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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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 Family Building Society your property may be repossessed