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.
Sample questions relating to First Direct consent to let
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We just obtained consent to let from First Direct. After some effort, First Direct have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- Next month I will be relocating to Australia. As opposed to sell my house, I would like to rent it out, just in case things don’t pan out. My current mortgage is with First Direct. If I applied for a remortgage would a new lender view this as me trying to dodge a Buy To Let mortgage, of which there is very limited availability for 80% LTV, and hence refuse my application for Consent to Let?
- I have just come off the phone to First Direct who have advised me that it has come to their attention that I am letting out the maisonette even though it is on a resi mortgage. I had to move two years ago for career reasons, couldn't sell and was left with little choice to rent out my property. Are you able to advise me on the financial repercussions will be for me not obtaining consent to let?
- We took a mortgage out on a one bedroom apartment last May however I will be working outside of commuting distance of Havering in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do hope to return to Havering so would like to keep it. How difficult is it to get consent to let from First Direct and what is the procedure ?
- My fiance and I were enquiring if it's possible if you own one property with consent to let from First Direct, to buy another with a homeowner mortgage to live in. Then once the consent expires on the first property, to convert to buy to let or sell it?
- If I am tied into a fixed rate with First Direct but am deliberating on letting out my property, is there a fee for consent to let from First Direct and does the interest rate alter?
- I am currently refinancing and investigating the flexibility of certain mortgage providers when it comes to consent to let. First Direct is one of the lenders I am considering. How accommodating are they when it comes to consent to let?
- Do you know whether there a time limit on a consent to let from First Direct? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting 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
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
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them taking legal action 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