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
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In a worst case scenario what action First Direct can take if I have let out my house in the event that consent to let is not forthcoming?
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Exciting times as my wife and I plan to return to New Zealandin Month, initially short-term but it could be longer term. I'm in the process of writing to First Direct to obtain consent to let out our property (we have already found tenants). I have had a mortgage with First Direct for Six years and I have never had any arrears. First Direct tell me, that even if they do agree, that this is a short term consent for a period of twelve months. After the year is up what happens next?
- I have had a mortgage for eight years with First Direct. My other half has recently acquired a property in Bromley and he has asked me to move in with him. Is it possible for me to lease out my property with consent to let in case I need to move back? Also what legal documents must I provide First Direct with when completing the consent to let application?
- I have a First Direct mortgage with my twin and want to leave and get a new mortgage with my partner. How should I proceed with letting out my room? Would I need consent to let via First Direct? My twin will remain in the property
- I have First Direct mortgage and am considering renting out the property. I understand I would need a consent to let to do this...is that right ?
- My work commitments are changing and this could result in mebe in different countries a lot and in the circumstances I wish to understand the process for getting consent to let with First Direct
- Will I need consent to let from First Direct if I am intending to reside in the apartment myself for half of the year? In addition if I receive consent to let for a limited time, say up to 2 years, what happens after that.
- Me and my fiance and I need to rent out my apartment to be closer to my daughter's uni and take care of my father. What do I need for the application of consent to let from First Direct?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above First Direct consent to let Advice
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 notify them may trigger your insurance becoming null and void. 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 terms are not adhered to you may be in violation of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with First Direct your property may be repossessed