Need Help?
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.
Common questions relating to Furness Building Society consent to lease
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Have any of your clients had experience applying for Consent to Leasefor12 months from Furness Building Society or whether you have any advice as to how such consent is gained.
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Bottom line - if worst comes to the worst what action Furness Building Society can take if I have rented my property without consent to let?
- We have a homeowner mortgage with Furness Building Society. This has been in place since 2007. We are thinking about renting out our house and renting in an area near our son's school until we find the right home to purchase. Do Furness Building Society usually give consent to let and do they up the mortgage rate?
- I have a Furness Building Society mortgage on a flat I own, in Sutton. This year, due to a change in my circumstances I decided to rent out this apartment, and rent another property in a different area within same loc. The state of affairs that altered is that I started cohabiting with my partner, and the flat is too small for our needs. I do not wish to dispose of the flat because the current market value is significantly lower than the market value when I bought the flat in 2005. I applied to Furness Building Society for a consent to let which was turned down because they considered that my intention was to invest in the flat. Any insight would be greatly appreciated, as i am at the end of my tether. There is a sense of urgencybecause there is already a prospective tenant waiting for this consent to let and may withdraw.Please call me to discuss
- I currently have a mortgage with Furness Building Society, but I am going to move out for around a year as we need to be nearer to my partner's mum and dad. Will Furness Building Society give consent to let?
- If I were to apply for consent to let from Furness Building Society how long does it take to get consent to let after you apply to Furness Building Society. ?
- I took a residential mortgage with Furness Building Society - 28% equity or thereabouts. I am considering relocating for another job and was wondering if Furness Building Society are flexible in changing the mortgage to allow for consent to let?
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Furness Building Society. My property is worth approx £200k and owe £57k on it. Will Furness Building Society increase my interest rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above Furness Building Society 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
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 may result in 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
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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed