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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.
Recently asked questions relating to Family Building Society consent to lease
- I am interested in understanding the conditions customers have to meet before consent to let from Family Building Society is granted. Are there any restrictions on who can be given consent?
- I am looking to get a consent to let from Family Building Society as my personal circumstances have altered. My stepdaughter started college and I concluded that we would move to the area and decided to buy a property rather than spend the money on renting. After having bought the house there has been serious deterioration in my relationship with my my step daughter and she refuses to move in. Given that the whole idea was for her and the house location isn't so ideal for my work I would like to leave and let the property
- Were I to take out a new mortgage with Family Building Society how long must I wait for consent to let without changing from a normal mortgage?
- I have been serving in the armed forces for five years and intending to acquire a property using a Family Building Society mortgage. I would like to obtain consent to let this house to my parents. In years to come I plan to reside in the property myself when my military career finishes. Is this achievable?
- What do the Family Building Society terms and conditions for consent to let look like?
- I may be looking to lease out my property and wondered what I would need to do to obtain consent to let by Family Building Society. There is a possibility that I might be moving abroad for a year.
- Me and my OH and I would like to obtain consent to let on a house where we have a mortgage with Family Building Society. If granted, how long would consent be given for? In seeking consent to let from Family Building Society are we running the risk of them forcing us to change deal to BTL
- Are you aware if there is normally a maximum LTV before Family Building Society will give consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to the above Family Building Society consent to let Advice
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
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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise your co-owner of your intention to let could result in them taking legal action 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 Family Building Society