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 friend who is talking about leasing their property out and moving in with partner. The property is in Hillingdon and has a £125k mortgage with First Direct. What would she need to do to get consent to let if she decides to do this.
- I have a First Direct home loan and am looking to gain consent to let as I would like to move to another apartment that I own. It looks like may be able to assist. Do you charge for this service?
- I am looking for some initial guidance to consider if consent to let is a sensible option. I completed the purchase of my flat 7 months ago by transferring an existing First Direct mortgage product. My fixed rate finished 4 months ago. I'm currently deliberating moving in with a new partner who has his own property and mortgage also with First Direct, which I would not seek to be added to. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I don't want to change to a B2L mortgage yet for 2 reasons: 1) I need to find out whether letting my property is a viable option for myself and 2) I need to come up with extra capital to satisfy the 65% LTV ratio required for a buy to let loan. It would be preferable to get a consent to let from First Direct for 1-2 years in order to be more secure in becoming a possible landlord and to generate the capital. If at the end of the consent to let period I was unsure I would probably either sell my property or, depending on the new relationship working out, resume living there.
- I took out a homeowner mortgage with First Direct last September and then had to relocate for work, I am now looking to letting my flat out for a year whilst I am away. What are my chances of obtaining consent to let from First Direct, and what effect would this have?
- My family circumstances has changed, and I would like to let my place out - meaning consent to let- I have about £140K loan with First Direct and currently 90k equity I need to side-step the redemption penalties.
- Were I to let my property with consent to let from First Direct will there be any rate uplift? I am currently on a standard variable rate.
- Just wanted to know what needs to be provided to First Direct in order to get consent to let? I just finished a three year fixed mortgage and potentially moving to another apartment with my girlfriend.
- My partner and I want to consider the option of leasing out my flat with consent to let from First Direct whist away travelling for three months
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above First Direct 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
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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct