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Need professional advice for your consent to let with Family Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Family Building Society consent to let: Q and A’s
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Are any options available to me if my request for consent to lease is rejected by Family Building Society?
- I have just come off a call with Family Building Society and they tell me that they discovered that I am letting out the one bedroom second floor purpose built flat even though it is on a domestic mortgage. I moved out three years ago for career reasons, was unable to sell and was left with little choice to rent out the property. Do you know what the financial repercussions may be for me not seeking consent to let?
- My colleague plans to rent out his apartment out without consent to let from his mortgage lender Family Building Society. He has been on an interest only mortgage for about 7 years now. Currently owes £110k, having bought the flat for about £118k. In the absence of securing consent to let from Family Building Society, exactly what sanctions does he risk?
- My fixed deal runs out late next year and I wish to fix for another three years with Family Building Society, hopefully rates will still be low. In in next couple of years I might wish to move for a couple of years to a different county. How difficult is it to get consent to let by Family Building Society in this situation? Assuming that monthly rent payments would be about £250 above the Family Building Society mortgage payments.
- I am looking to Family Building Society to grant consent to let out my flat in Sutton. I am moving to Germany for 8 months for work.
- My GF is in the process of purchasing a new property in Lewisham and is on to a good deal as it needs renovating. We want to rent our current property for two years and come back to live. Will I be granted a consent to let by Family Building Society?
- My Family Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then apply for a consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- What, if any, income criteria do Family Building Society set for consent to let on an existing homeowner mortgage?
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General Advice to read in further to the above Family Building Society consent to let Questions and Answers
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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
Should the tenure of your property be 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 your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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 Family Building Society