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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.
First Trust Bank Consent to Lease Example Support Desk Enquires
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My wife and I have a First Trust Bank home loan and are never missed a loan payment, both employed etc. Do you know how much the fees are and if First Trust Bank are likely to give us consent to let without changing to a commercial rate?
- The hope is to move house. My question is whether consent to let will be given on my house for me to then obtain a loan offer for the new house so I can effectively bid chain free and then let my house out when I move. Does First Trust Bank issue consent to let for 12 months? If so, and the letting goes well can the consent to let time limit be prolonged further?
- My property recently got consent to let on a standard mortgage with First Trust Bank with a view to moving to a buy-to-let rate when the fixed rate expires in a few months' time, so I'm not sure if this adds to the complexity of the issue! Any guidance much appreciated.
- I sought consent but was turned down as I did a remortgage in September but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. On the other hand I can remortgage with First Trust Bank but will they give me consent straight away?
- How simple is it to get a consent to let from First Trust Bank and what does it cost? If I want to let out my property for two months how easy is it to fluctuate between a normal mortgage and consent to let?
- Do you know whether First Trust Bank will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would First Trust Bank let me raise capital based on the rental revenue ?
- I have bought a apartment with a First Trust Bank mortgage. However I am presently living with mother and father. I don't want to move in until next February due to some family reasons. In interim can I rent out the property with consent to let?
- Is there a time limit on a consent to let from First Trust Bank? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental 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 lease may prohibit 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
Failure 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 First Trust Bank your property may be repossessed