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.
Common questions relating to First Direct consent to lease
- I acquired a house in 2008 on shared ownership basis, I own half by way of mortgage and rent the other half. In January 2014 I bought a new property. I let out my first house and moved to my new home. I secured consent to let from my mortgage company and I was under the assumption I had consent to let from the housing association. Last week I had a phone call from the housing association saying they had nothing on record to evidence I had obtained permission to sublet. What do I do now?
- Yesterday received a DIP from First Direct for a freehold property. I have applied through Right to Buy. It is a capital and interest mortgage. I am curious as to what is the main criteria First Direct adopt in order to allow borrowers consent to let? Is consent to let based on the rental amount for a property?
- I have had a First Direct mortgage for less than a year but I discovered this week that I will soon lose my job. I would like help applying for consent to let from First Direct
- My fiance called First Direct on Wednesday regarding consent to let. He is expecting a call back. We have put an offer in on a one bedroom apartment that has been provisionally accepted so we need to know how likely it is that we will obtain consent to let with First Direct?
- My First Direct mortgage rate finishes next September can I go on a interest only with consent to let?
- Do I need consent to let if I let to a family member (in my case my Dad now lives there and contributes towards the First Direct mortgage)?
- I would like some advice on how best to approach my mortgage lender First Direct regarding a 'Consent-to-Let' application. Is this a task you can offer guidance on ?
- Just wanted to know how to get a consent to let from First Direct who I have a mortgage with. There is a remaining balance of 87k. The value of property is 220k. Property is in my name but my wife and I would like to purchase a garden flat in Harrow we have seen together. How do we go about this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above First Direct consent to let Questions and Answers
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
If 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 inform them could trigger your insurance becoming invalid. 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 lease may prohibit 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 your covenants under 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 Direct your property may be repossessed