Need Help?
Need professional advice for your consent to let with First Trust Bank? 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 First Trust Bank consent to lease
- I have a shared ownership home in Islington and will be looking to buy out the rest of the property. However, in the future I may be working abroad for a short period of time so would like to know what approach First Trust Bank take to consent to let as I am considering a remortgage with them. I am by no means sure that a mortgage can be obtained on my property but in the meantime can you provide further advice on their consent to let policy?
- I am contacting you on behalf of a friend who has a mortgage with First Trust Bank. He asked me to find out if there is a fee for consent to let? He has been offered a job abroad and would like to rent out his home in the interim.
- My twin plans to rent out his apartment out without consent to let via his mortgage lender First Trust Bank. He has been on an interest only mortgage since 2010. Currently owes £112k, having purchased the apartment for about £125k. In the absence of gaining consent to let from First Trust Bank, exactly what sanctions is he likely to face?
- I am currently a First Trust Bank mortgage customer looking for consent to let on an existing property. We would like to buy near where we are based with the Royal Marines,... but we might have to relocate.
- At the moment I do not have consent to let by First Trust Bank but I would like to apply, An opportunity has arisen which might involve me working away for two years. But want to keep my house for my return - can you assist?
- What are the circumstances under which First Trust Bank will decline a consent to let application?
- I hope you can help What do we need to do to obtain consent to let from First Trust Bank? And what are the costs involved?
- I want to consider the option of renting out my apartment with consent to let from First Trust Bank whist away travelling for six months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above First Trust Bank 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to inform them could trigger your insurance becoming invalid. 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 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Trust Bank