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.
Examples of recent questions relating to First Direct consent to let
-
Will First Direct exercise a right to change the rates on a regular mortgage where Consent to Let at any time, onto ‘rates in line with their BTL loans'?
-
What is the most extreme action First Direct can take if I have rented my property in the absence of consent to let?
- We may be given an opportunity to work in a different office in the UK for a three months and would like to know if we can let our existing flat. It is a two year fixed rate and we are seven months into the mortgage with First Direct. We have lived at the property for more than four years. Our LTV is 65%. Are we likely to get consent to let from First Direct? What charges can we expect to pay etc
- I am unable to locate the form to download "consent to let" on the First Direct website. Could you please send me a link to do it? Thanks a lot.
- At the moment I do not have consent to let from First Direct but I would like to apply, I am looking at working away for eighteen months. But want to keep my property for when I come back - are you able to assist?
- I wishing to obtain consent to let for my house as I am moving out for 6 months currently fixed First Direct mortgage with three years which is due in December next year.
- Would you be able to help me? What do I need to do to obtain consent to let from First Direct? And how much equity is needed?
- We are mulling over a remortgage offer with First Direct and it's likely I will end up asking for consent to let during the fixed period. Are there any penalties I should be aware of?
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 information
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
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
If your property is leasehold, the provisions in the lease may prevent 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 violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct