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.
Common questions relating to First Trust Bank consent to lease
- I am three years into a five year fixed rate mortgage and intend to take a job abroad so wish to let my flat for 2 years. My LTV is about 50%. Are you able to clarify if First Trust Bank will charge me more interest for consent to let for the period of my letting?
- My brother and I jointly own a small apartment in Brent with a First Trust Bank mortgage. I want to vacate and purchase a house with my fiancee. How would I deal with letting out my room? Would I need consent to let from First Trust Bank. My brother will remain in the apartment
- I have a mortgage with First Trust Bank however my husband and I will be moving to Cape Town in December. The mortgage is in my name yet it is my husband's job that is taking us abroad how do I answer the question: 'please indicate why you wish to let the property':
- I purchased a 2 bed flat in Camden eight months ago and have a 2 year fixed rate mortgage with First Trust Bank. Looking to move in with my partner imminently and wish to lease out my property. Would like to be better informed as to the process.
- Are you able to help? I am just wondering if First Trust Bank offer consent to let as an option if I decided to lease out my home under a residential mortgage. Is there a specific rule for right to buy property and consent to let?
- I am looking for consent to let for my flat as I am moving out for nine months currently fixed First Trust Bank mortgage with three years which is due in April next year.
- I have fixed rate mortgage with First Trust Bank. I may have to lease out my house due to necessity. If I apply for consent to let, will I have to pay significantly more interest?
- Will First Trust Bank grant consent to let my property? I have an existing homeowner mortgage, never had arrears and have been with First Trust Bank for approximately three years now. What charges am I likely to face
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above First Trust Bank 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
Failure 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
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 terms are not adhered to you may be in violation of 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 record their consent in writing.
If you do not keep up the payments on your mortgage with First Trust Bank your property may be repossessed