Need Help?
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
- My fiance and I may need to lease our home out for a while due to a career opportunity. This will be for a limited period we would possibly like a consent to let our property. We currently have a Family Building Society mortgage. What are the fees involved and time limits on consent to let agreements?
- I have a Family Building Society mortgage with my twin and want to leave and get a new mortgage with my partner. How would I go about letting out my room? Is consent to let required from Family Building Society? My twin will stay in the apartment
- My cousin and his girlfriend currently lodge with me at my two bedroom maisonette. This Spring I would like to move out of the property and in with my partner. How likely is it that I will be able to get consent to let from Family Building Society after only having the mortgage for nine months?
- I am in the Royal Air Force and planning to buy a house using a Family Building Society mortgage. I would like to obtain consent to let this property to my sister. In years to come I plan to live in the property with my family when I leave the Royal Air Force. Will I need to apply to my superior officer to request permission to rent it out?
- Will Family Building Society choose to exercise a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their BTL range'? Can one remortgage on a consent to let with Family Building Society?
- I want to apply for consent to let from my lender Family Building Society to lease out my house. This is due to me relocating. Do Family Building Society allow consent to let in this scenario?
- What, if any, income criteria do Family Building Society set for consent to let on an existing domestic mortgage?
- Will Family Building Society grant consent to let my property? I have an existing homeowner mortgage, never had arrears and have been with Family Building Society for nearly six years now. What costs am I likely to incur
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 information
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
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 inform them may trigger 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 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 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 Family Building Society your property may be repossessed