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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
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Jennifer (my wife) and I may need to lease our Hounslow home temporarily due to me taking a sabbatical. This will be short-term but perhaps for three years. Should I tell Furness Building Society or am I best advised to just keep quiet?
- I am aware of the GGT ramifications of converting a Furness Building Society mortgage to consent to let, but what about the ongoing rental revenue vs expenses? Say I have converted my former owned studio flat into CTL and vacated and pay rent elsewhere. Is there any way to deduct the rent I am paying from the rental revenue?
- Can you explain "consent to let" to me? I live in a 1 bed flat and its in good condition. It is on the market and I am struggling to sell. This is because my neighbour is a drunk and assaulted me last year. I had no choice but to mention this on the disclosure form. Mortgage is with Furness Building Society on a standard variable rate. Someone mentioned I should obtain consent to let from Furness Building Society and let the flat to tenants.
- We are looking to apply to Furness Building Society for consent to let on our current residential property in Bromley. I am planning to draw down equity from my existing home ahead of this, and making use of that money to buy a new home. I will live in that house whilst renovating it for six months at which point the intention is to sell it then move back to my existing house. Is this something Furness Building Society will consider consent to let for or does this fall outside the standard criteria?
- I took a domestic mortgage with Furness Building Society and my circumstances have changed due to family, can I obtain consent to let. What changes will affect me?
- If I am tied into a fixed rate with Furness Building Society but am thinking of letting out my property, is there a cost for consent to let from Furness Building Society and does the interest rate increase?
- I got a standard homeloan with Furness Building Society. I purchased the property in September two years ago. Is it possible to get consent to let.
- My husband and I want to consider the option of leasing out my house with consent to let from Furness Building Society whist away travelling for a few months
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supplemental the above Furness Building Society consent to let information
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
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 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
Should the tenure of your property be 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 breach 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 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