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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.
Frequently asked questions relating to First Trust Bank consent to lease
- Me and my husband were looking to purchase a studio flat with ten per cent deposit with the aim of moving in. Somewhat fortuitously the in-laws have plans to move abroad In the event that we go ahead with a residential mortgage with First Trust Bank would we likely encounter any difficulties with obtaining consent to let ?
- Last September we bought our council home, in Southwark,recently valued at £220k. It's completely paid for from our own finances, with no mortgage. We are prohibited from selling (without repaying back a significant amount of the discount) before 5 years have passed. Regardless, we want to keep it as a investment property to rent out. We wish to release some equity via a First Trust Bank mortgage. Will consent to let be given?
- I have a First Trust Bank home loan and am looking to procure consent to let as I would like to move to another home that I own. It would appear that might be able to assist. How do your fees work for this service?
- At the moment have a 5 year fixed rate home loan with First Trust Bank that we're about a year into. Our situation has now changed and we wish to let out our property for a year and whilst we relocate to Tower Hamlets. What can we do to mitigate the risk of First Trust Bank rejecting consent to let.
- I have split up with my wife and we have moved back in with our respective parents and intend to divorce. What do I have to do to get First Trust Bank to give consent to let the property out to tenants?
- I am nine months into a three year domestic mortgage with First Trust Bank. Just wondering if it's permitted to rent out the property on my existing mortgage. Will First Trust Bank grant consent to let?
- I might potentially need consent to let from First Trust Bank in the future with work. I am just exploring what the options would be if this was the case. Is there a limit on the length one can let out a property with consent?
- I would like to get consent to let from First Trust Bank for a few years at which point I hope to transfer to a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above First Trust Bank 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation 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 First Trust Bank