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.
Recently asked questions relating to Furness Building Society consent to lease
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Jennifer (my wife) and I may need to rent out our Redbridge home temporarily due to a career opportunity. This will be temporary but perhaps for seven years. Do I inform Furness Building Society or do I remain silent?
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I acquired a flat in 209 for 305,000 with Furness Building Society. My husband’s job requires him to relocate to Cyprus and realise that I need to apply for consent to let from Furness Building Society. Do you have any experience of consent to lease from Furness Building Society?
- My girlfriend and I (joint owner) are thinking of moving our mortgage to Furness Building Society. I was conducting some research concerning consent to let from Furness Building Society to understand the rules around potentially letting our current property out (probably in a year or 2) if we moved away. The flat in question was a first-time purchase for us about two years ago. Currently we are living there.
- Need some information concerning leasing a property and consent to let. In the coming months I intend to move in with my other half. The local authority would like to rent my flat for five years guaranteed with rent and service charges covered. The flat was purchased with a mortgage by Furness Building Society. Please advice
- I am interested in understanding the Furness Building Society consent to let process and prerequisites for granting.
- I currently have a residential mortgage with Furness Building Society and plan on letting due to work being based in Bristol. In seeking consent to let from Furness Building Society do I run the risk of them forcing me to change deal to buy to let
- I would like to find out more about obtaining consent to let on a property. In particular what is the procedure for consent to let if you have a homeowner mortgage with Furness Building Society
- I have a mortgage with Furness Building Society but am wanting to lease my house out and move in with my partner and baby what would I have to do to get consent to let?
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 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 terms are not adhered to you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Furness Building Society