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.
Questions and Answers: First Trust Bank consent to let
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I am a first time buyer looking to purchase a detached house in First Trust Bank. I have a healthy deposit with a mortgage from First Trust Bank. My predicament is that my girlfriend has a apartment in Nuneaton and I can foresee myself moving in next month, when I would want to let out my property. I understand that consent to let is required but it does not sound like there is any certainty. Can you offer any advice?
- What is the procedures for obtaining consent to let from First Trust Bank? What documents do they require? is there a fee to pay? Is consent generally limited in time and if so, for how long? Do I need to renew it annually? What if I obtain a consent but decide not to rent the property out?
- Much to my surprise I have been offered an excellent job opportunity for 9 months in New York. I have enough savings to cover the monthly First Trust Bank mortgage however the buildings insurance requires that the property must be occupied in order to remain valid. Last December the roof was damaged but repaired. Should there be any problems during the winter months I would struggle to afford repair costs. How likely is it that I will get consent to let by First Trust Bank for the time I am overseas?
- My husband and I currently live in NYC and renting out our apartment in the UK. This is not something we planned but an opportunity came up and we took it. The rental income is not enough to cover the mortgage so we transfer funds each month to make up the shortfall. Anyway this morning our lender got in touch informing me that as the property is being let out and has been for almost four years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell up but this will be far from easy as I am on the other side of the world. Could we remortgage with First Trust Bank and get consent to let?
- I previously took a mortgage with First Trust Bank, but I am going to need to get consent to let for about 12 months as my partner is unwell and is struggling to balance work with the hectic environment we are living in. We want to take time off for a year (by living near her mother and stepfather and having support) in a greener less hectic suburb of Bristol.
- Just looking for some help. I already have a mortgage in place with First Trust Bank. I have been given licence to temporarily rent out my flat from the freeholder of the block and they asked for a copy of the consent to from First Trust Bank.
- Do you know whether there a time limit on a consent to let from First Trust Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
- I need to contact First Trust Bank to enquire about renting out our home. Will they send an application to me. Can I not get this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above First Trust Bank consent to let information
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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in 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.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed