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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.
Top Five Questions relating to Furness Building Society consent to lease
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We bought a flat in 2012 for 305,000 with Furness Building Society. My husbands career requires that we move to Gibraltar and now wish to obtain consent to let from Furness Building Society. Do you have any experience of consent to lease from Furness Building Society?
- I have a residential property but I am moving with my girlfriend to a different city for career reasons and moreover close to her university. I would like to keep my property but not sure I can afford a BTL mortgage. It will only be short term -3 years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Furness Building Society. Do you think they will grant consent to let?
- I am looking to move and let out my three bedroom first floor purpose built maisonette in Hackney. Having bought it in summer 2009 and presently on a 85% ltv there is little equity in it. My mortgage is with Furness Building Society. Do you know where Furness Building Society stand when it comes to consent to let?
- I was just looking for guidance on whether I will be allowed to change a residential mortgage with Furness Building Society to a consent to let. It will be less than 65% ltv and it would change from capital and interest repayment to interest only?
- I am relocating for work for up to a year... I was wondering if I was able to procure from Furness Building Society consent to let the property out while I was away as I am reluctant to leave it unoccupied for that period
- My partner and I took out a mortgage with Furness Building Society a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to rent our property out. Is this possible with a residential mortgage?
- I am fixing my residential mortgage with Furness Building Society but due to work related issues I may have to live abroad for a couple of years. Will Furness Building Society allow and grant consent to let and will any penalties be applied in such a situation
- I was wondering if you could assist. I require consent to let from Furness Building Society and was wondering if this option would be possible for me to move to as I must move back home to take care of my father
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Furness Building Society 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
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 inform 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
If your property is leasehold, the provisions in the lease may prevent 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 your covenants under 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Furness Building Society