Need Help?
Need professional advice for your consent to let with First Direct? 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 Direct consent to let
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I was thinking of renting out my apartment and generate some income while I am on vacation. It will only likely be for a couple of weeks. Will consent to let be needed from First Direct?
- My query does not relate to consent to let, I was enquiring as to whether you have an contact details for a dedicated First Direct help desk who processes consent to let applications. First Direct has a mortgage over my flat.
- I remortgaged with First Direct recently, borrowing extra with the intention of doing a loft conversion. That plan has proved not to be possible and I now intend to purchase a further property for residential purposes and rent the old property out with consent to let. Is that likely to open up a can or worms?
- I was planning to call First Direct to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would explore online. I was wondering if there is anywhere I could download this form online?
- My wife and I are planning to ask First Direct for consent to let out our house in Bexley. We are moving overseas for three years and need to rent out the property. I didn't look into this when we got the First Direct mortgage, and that was only because we never foresaw an opportunity would arise such as this so was planning on living in the house.
- How much of my mortgage allowance will be made available to draw down on if I change my mortgage to a consent to let with First Direct?
- Me and my partner and I have three months to run on a 2 year residential mortgage with First Direct but now let the house out. Can I assume they will simply charge a flat fee for consent to let?
- We've spoken to someone at First Direct about switching our existing mortgage to consent to let (the existing fixed rate ends in spring 2016). Can I just confirm that I need to formally put the request in writing setting out our change in circumstance to First Direct? Where do I need to post it to?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above First Direct 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
Omitting 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 lease may prohibit 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 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 Direct your property may be repossessed