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
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Is it possible to remortgage on a consent to lease with First Trust Bank?
- I would like to purchase a second house having recently bought a garden flat on normal mortgage. Intend to purchase next year. I am told that I may need consent to let from First Trust Bank, my existing mortgage provider? What is the best way to go about this and procure the permission required.
- My house had been let to students for three years between 2009-2012 while working overseas. I have a letter dated January 2010 from the lender granting consent to let. In the letter it clearly stipulates that the consent to let is valid for "the remaining term of the mortgage". I have not refinanced since the letter was sent. I now plan to move house and rent out my existing house. However, my mortgage advisor has suggested that the 2010 consent to let letter may not be acceptable to the new lender First Trust Bank for the house I intend to purchase.Your view would be appreciated
- I have been renting out my flat to students for three years but not on a BTL mortgage as I naively considered that you only required a buy to let if you had more than one mortgage. In trying to purchase a further property, I discovered that I should have had consent to let all along from my lender First Trust Bank. I'm curious as to whether I can now seek consent to let from First Trust Bank?
- Good-day, what documents or paperwork would First Trust Bank require for a consent to let letter?
- I am seeking consent to let for my house as I am moving out for nine months currently fixed First Trust Bank mortgage with two years which is due on April next year.
- Does my loan to value need to be at a certain ratio to allow me to apply for a consent to let from my mortgage provider First Trust Bank. Does it make a difference that I only recently out the mortgage four months ago?
- I was just enquiring how to obtain consent to let from First Trust Bank...do I call them or write a letter to them?
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 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
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 restrictions are not strictly observed you may be in breach of your covenants under 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed