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.
Sample questions relating to First Trust Bank consent to let
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Is consent to lease required from First Trust Bank or can I let my garden flat without telling First Trust Bank and having to transfer to a B2L loan?
- I have my one bedroom apartment in Islington on the market but notwithstanding a couple of viewings there is a lack of interest so far. As a backup option I am considering letting out the property if it doesn't sell. I dont anticipate a problem getting consent to let from the freeholder. My IFA says that in such a scenario I may be obliged to switch to a B2L product yet the chances are that I don't have sufficient equity. What's the worst that could happen if I was to retain the existing First Trust Bank mortgage and rent out the flat without informing them. As long as the mortgage is being paid in full and on time, why would they care or check?
- I have had consent to let from First Trust Bank for a while now yet they now want to speak to me and I expect their plan will be to rid themselves of me. Do you have any ideas on what I can do next?
- Me and my OH are currently eighteen months into a year fixed rate mortgage with First Trust Bank. Ideally we would like to purchase a bigger second property in the coming months however would like to retain the first property and I was wondering what reason we could put down on the consent to let application to get their approval
- Can you explain the process for obtaining consent to let from First Trust Bank? Are there specific requirements for example you have to live in the property for a year before its issued?
- I would like to let my flat for 3 years max. How do I go about getting consent to let from First Trust Bank who I have a mortgage with?
- I have fixed rate mortgage with First Trust Bank. I am going have to let out my flat due to necessity. If I seek consent to let, will I have to pay a lot more interest?
- Are you able to advise me how much the fees are and if First Trust Bank ordinarily grant consent to let without changing to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above First Trust Bank consent to let Questions and Answers
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 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 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