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.
Top Five Questions relating to First Direct consent to lease
-
We just received 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?
- I bought a house 3,two years ago in Sunderland when I worked locally. I got a new job which involved working in Wimbledon. I commute down on Saturday evening and live with a relative during the week. I decided on relocating with the family to avoid the commute. I am deliberating the option of renting out my existing home. My mortgage is with First Direct, would I have to move onto a new mortgage deal or ought I apply for consent to let?
- Last month I received consent to let on a owner-occupier homeloan with First Direct with a view to changing to a B2L rate when the fixed rate expires in a few months' time, so I'm not sure if this adds to the complexity of the issue! Any information gladly appreciated.
- How long do I need to have a further advance from First Direct before one is eligible for consent to let. Can I call someone to go through my options please?
- This is not a question specific to First Direct but do lenders usually provide the information I need for my Buy to Let or Consent to Let self-assessment tax submissions?
- I'm possibly going to NYC for twelve months with work. Planning on taking my partner with me and hoping to rent our Lewisham property in the meantime on a short term basis to make things more cost effective. I was just enquiring where I can I get a consent to application form from
- My wife and I want to let our house out and use the rental income to pay rent on a house in Hounslow. What are the chances of being given consent to let by First Direct without being forced onto a BTL product.
- I am currently remortgaging and looking at flexibility of certain lenders 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?
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 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
One thing to remember when arranging a consent to let mortgage with First Direct is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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.
If you do not keep up the payments on your mortgage with First Direct your property may be repossessed