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.
Frequently asked questions relating to First Trust Bank consent to lease
- May I ask if it is likely that I will receive consent to let with domestic loan with First Trust Bank? We are preparing to move to Islington to be nearer to our kid’s college, but we are by no means certain if the move will be permanent.
- My query does not relate to consent to let, I was hoping that you have an address or telephone number for a dedicated First Trust Bank team who handle consent to let applications. First Trust Bank has a first charge over my property.
- I have been granted consent to let by First Trust Bank for some time now yet they now wish to speak to me and I suspect their agenda is to get rid of me. Are you able to assist?
- My fiance and I have a domestic mortgage with First Trust Bank. I have been offered a house as part of my job and would like to rent out my existing property. The financial advisor has advised me it is a formality. Are you able to provide me with some information please?
- My fiance and I are looking at new mortgages and also exploring the possibility of renting the property in the years to come - Is there a fee with First Trust Bank to receive consent to let and what are the requirements?
- I have First Trust Bank mortgage and am considering letting the property. I understand I would need a consent to let to do this...is that right ?
- I have tenants ready to move in and I have mortgage offer from First Trust Bank on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- Are you able to advise me how much the fees are and if First Trust Bank typically issue consent to let without switching to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read 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
Where 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 notify them may result in your insurance becoming null and void. 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 obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed