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Need professional advice for your consent to let with Furness Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Furness Building Society consent to let: Q and A’s
- I currently have a mortgage with Furness Building Society and I am thinking of purchasing a home with my soon to be wife. It's her council house on a right to buy scheme. Would it be possible to change my Furness Building Society mortgage to let out my existing property in Harrow even though the property is currently in negative equity.
- I have a residential Furness Building Society mortgage and am looking to acquire consent to let as I wish to move to another flat that I own. It looks like may be able to assist. Is there a charge for this service?
- Approximately 6 weeks ago I vacated my property in a rush and let out the property. I am aware I should have negotiated a consent to let by Furness Building Society but was unsure what my plans were and it escaped my mind to get consent. I find myself in a situation where I wish to sell that property and switch the Furness Building Society loan to a new flat. I am struggling to find a path to do this without being at the mercy of Furness Building Society for not obtaining consent to let. When porting, at the time of selling, you must say you intend to "port the rate" and endure fresh set of affordability checks. Although I do not envisage difficulties with affordability, the credit check may disclose that I don't live there any more.
- I bought my one bedroom apartment in Lewisham eight months ago and have a three year fixed rate mortgage with Furness Building Society. Looking to move in with my partner within the next six months and wish to lease out my property. Just want to know the process.
- I currently have a mortgage with Furness Building Society that I would like to transfer to a consent to let as we have identified another property we are looking to purchase. How do I apply for consent to let from Furness Building Society and what happens within the process?
- Would a previous extension to a mortgage term with Furness Building Society work against us once we sought consent to let from Furness Building Society.
- I might be looking to let out my property and wondered what I would need to do to get consent to let from Furness Building Society. I may be emigrating permanently.
- What are the changes that Furness Building Society force me into a consent to let product whilst in a fixed rate product for twenty four months?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Furness Building Society consent to let Info
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
Where 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 could result in your insurance becoming invalid. 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 trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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 Furness Building Society your property may be repossessed