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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.
First Trust Bank consent to let: Q and A’s
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What options are open to me if my request for consent to lease is turned down by First Trust Bank?
- Me and my husband reside in a marital home where there exists a number of spare bedrooms. We are exploring the opportunity of creating an holiday let style business to rent half the home out on a check-in and check-out arrangement. Do you know this is likely to be allowed in accordance with First Trust Bank’s consent to let protocol?
- My OH and I have a flat in Ealing which we acquired off-plan just over twelve years ago. As the family is growing we require a larger home. We've found a property in Sutton that we wish to buy and want to keep the flat as an investment to rent out. The mortgage is with First Trust Bank and we've found a tenant who will pay rent in excess of the monthly mortgage payment. My question is, can we retain the repayment mortgage with First Trust Bank so we effectively paying off our mortgage on the flat or must we to switch to a buy-to-let product?
- Due to a change in personal circumstances my husband and I are moving to my parents house while they are away and letting our flat out. We are going to need for consent to let from First Trust Bank. Will this be issued? We will need to refinance in the next year will we then switch to a BTL mortgage. We will definitely return to our property at the beginning of 2017?
- I have a consent to let letter that I have procured from my management company. I would think I need to send this with a letter to First Trust Bank with a view to procuring consent to let from them. What address shall I mail it to?
- My First Trust Bank mortgage is coming up for renewal. We would like to apply for a new fixed rate mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids have grown up, and would be better used as a rental.
- I have had my mortgage with First Trust Bank since 2006 and always made payments If I asked for consent to let would I receive a positive response?
- Do you have the address to which a Consent to Let request to be sent for First Trust Bank? Sorry about bothering you with this query.
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Information to consider in supporting 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
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
If your property is 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 terms are not adhered to 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 commencing legal proceedings 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