Need Help?
Need professional advice for your consent to let with First Trust Bank? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Examples of recent questions relating to First Trust Bank consent to let
- I have a shared ownership home in Barnet and will be looking to buy out the rest of the property. However, in the future I may be working overseas for a short period of time so would like to know what approach First Trust Bank take to consent to let as I am considering a remortgage with them. I am by no means sure that they will lend on my property but in the meantime can you provide further detail on their consent to let requirements?
- I have a First Trust Bank mortgage and have been letting out my apartment minus consent to let, which I am now led to believe means I am in contravention of my mortgage Ts and C’s. They may have suspicions that I am not residing there. What negotiating options are available if I don't sell it before they become aware I have breached my Ts and C’s?
- Me and my brother are joint proprietors of a property in Tower Hamlets with a First Trust Bank mortgage. I am looking to move out and purchase a house with my fiancee. How do I deal with finding a tenant for my room? Would I need consent to let by First Trust Bank. My brother will remain in the property
- Our fixed rate mortgage with First Trust Bank comes to an end on 21st July. I am about to move to Brighton for my Job in next month. I wish to lease out the house temporarily. Can I get a consent to let the property?
- Just curious as to whether it is possible if you own one property with consent to let from First Trust Bank, to buy a second with a domestic mortgage to live in. Then once the consent expires on the first property, to change to buy to let or sell it?
- My fixed rate loan with First Trust Bank ends in September and have to move with work soon after. What are the chances that I will be able to both refinance and get consent to let?
- My son has a mortgage with First Trust Bank and he wants to let his flat out as he is moving in with his girlfriend.Will she be granted consent to let? What is the procedure and what needs to be done next?
- Me and my brother are considering applying to First Trust Bank to obtain consent to let our property, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any additional steps we will need to take?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above First Trust Bank consent to let Info
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
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 conditions are not complied with 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 First Trust Bank