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
- I have exchanged contracts for an off plan property in which I was going to move into, but my manager has presented me with the opportunity to work overseas for 2 years, can I let the new property with consent to let from First Direct.
- How likely are First Direct in issuing me with Consent To Let on a ground floor flat? It is currently on the market and it has been for three months. I need to sell but I'm concerned that if there are no takers I will have to get a tenant in to cover the monthly payments to First Direct (I no longer live there). I would prefer to be up front with First Direct than do it on the sly but I'm not sure how helpful they will be.
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We have an existing mortgage with First Direct and wish to clarify if it would be possible to seek consent to let out our one bed flat in Westminster.
The reasons(s) for wanting to find tenants for the property are as follows: -
- Me and my wife will be moving to India next spring.
- In renting out the property this will enable us to make some savings to assist with the migration process.
- It would be pointless from a monetary perspective to pay outright for a property which we are no longer residing in and by renting out the home this would be deemed as continuing investment.
If First Direct granted permission to us for renting we would propose some financial commitments which are as follows: -
- Maintain paying the monthly mortgage payment by direct debit.
- Use an accredited letting agent who will provide a rent guarantee scheme as a further financial protection.
- Provide our forwarding details for when we relocate.
- My partner and I might have to let his apartment out. I am aware that I require consent to let by First Direct. We plan on joining a landlord association should we go ahead and let the flat, but which one should we register with? We've come across the RLA and National Landlords Association.
- I currently have a mortgage with First Direct. I am considering renting and buying another property but this is all alien to me. How do I go about seeking consent to let from First Direct?
- There is a chance of me going to Aus for a year with work. Planning on taking the husband with me and hoping to rent our Camden home in the meantime on a temp basis to make matters more cost effective. I was just wondering whether First Direct currently allows consent to let
- First Direct - consent to let potential. Do you have experience of the process with this lender? Do they have a minimum period prior to changing and is it possible that I would be required to make a cash injection to reduce the LTV?
- I wish to apply for consent to let from my lender First Direct to let out my house. I am potentially moving in with mypartner. Can you tell me whether First Direct give consent to let in this scenario?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to 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
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 provisions in the lease may prevent 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 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct