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.
Common questions relating to Family Building Society consent to lease
- I have a Family Building Society mortgage on a flat I own, in Hounslow. Last month, resulting from a change of personal circumstances I decided to let out this flat, and rent another property in a different area within same loc. The personal circumstances that altered is that I started cohabiting with my partner, and the flat is not large enough for our needs. I do not want to try to sell the flat because the current market value is 20% less than the market value when I acquired the flat in 2005. I applied to Family Building Society for a consent to let which was refused because they determined that I wanted to invest in the flat. The whole process was very confusing. There is a sense of urgencyas I have a prospective tenant waiting for this consent to let and may withdraw.Many thanks
- I have an existing Family Building Society mortgage on a property since 2010. I am now married and moved into my husband’s home. My property is currently empty and have a choice to sell or have someone occupy. Chances are that this will not be a short term proposition as the probability of moving back is low. What should I tell Family Building Society with a view to obtaining consent to let?
- I have a self contained flat attached to my house that my dad has vacated. As the main house is large I was thinking to move into the annex and let the remainder out. This is also due to change in my personal situation. Would I require consent to let from Family Building Society?
- Enquiring whether Family Building Society conduct any checks when applying for a homeowner mortgage, I'm ideally looking to lease the property out and am in two minds as to whether I should apply for consent to let. How would they find out if I rent the place out?
- Family Building Society domestic mortgage. Will they issue consent to let a house for 18 months? I reoccupy as a resident.
- My circumstances have changed, and I would like to let my home out - meaning consent to let- I have approx £140K loan with Family Building Society and currently 85k equity I need to side-step the redemption penalties.
- Due to career opportunities I will be moving to Scotland and would like to rent the flat temporarily, are you able to confirm what steps I need to take in order to achieve consent to let from Family Building Society?
- Will Family Building Society issue consent to let my apartment? I have an existing homeowner mortgage, never had arrears and have been with Family Building Society for approximately six years now. What fees am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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
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
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 terms are not adhered to you may be in violation of 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 commencing legal proceedings against you. Be sure to record their consent in writing.
If you do not keep up the payments on your mortgage with Family Building Society your property may be repossessed