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.
Examples of recent questions relating to First Direct consent to let
- I have a residential First Direct mortgage and am looking to obtain consent to let as I wish to move to another property belongings to me. It seems might be able to assist. Is there a charge for this service?
- Having spent 17 years in the capital, I'm considering relocating to be closer to family. We've only been homeowners for the last two years and about to refinance with First Direct. In Newham, we are be looking at a 3-bed property around the £350k mark. Ideally, we would like to retain my existing apartment. Could I ask for Consent to Let from the proposed new mortgage provider First Direct. If granted what are the likely requirements?
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We have an existing mortgage with First Direct and wish to clarify if it would be possible to gain consent to let out our one bedroom apartment in Wandsworth.
The reasons(s) for wanting to find tenants for the property are as follows: -
- Me and my wife will be moving to Cape Town in January.
- By letting out the house this will enable us to make some savings to support the migration process.
- It would be pointless from a fiscal point of view to pay outright for a property which we are not living and by leasing out the property this would be considered as an ongoing investment.
If First Direct granted permission to us for renting we would suggest some financial assurances which are as follows: -
- Continue to pay the monthly mortgage payment directly from my bank account.
- Instruct an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding details for when we relocate.
- Fifteen years ago I was granted permission by the local council and my mortgage provider First Direct to convert a small barn into a granny annex, conditional on it not being disposed of separately from the main property. My parents passed away some years ago and I would now like to rent it out with consent to let from First Direct. Do you think this will be possible?
- We have a mortgage with First Direct at present and just wondering where I can I get a consent to application form from
- I'm possibly going to Hong Kong for twelve months with work. Planning on taking the husband with me and hoping to rent our Southwark property in the meantime on a short term basis to make matters more cost effective. I was just enquiring about the processes of getting a 'consent to let'
- Me and my partner and I have a mortgage with First Direct and would be thinking about purchasing another main residence and then subsequently renting our current house out. Do I need consent to let from First Direct?
- I am looking to get consent to let with my First Direct residential mortgage. It is a mid terraced house. Do First Direct grant consent on this basis? Or would it be regarded as an HMO?
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 Questions and Answers
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 could 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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