Need Help?
Need professional advice for your consent to let with First Direct? 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 Direct consent to let
- Under what circumstances will consent to let for a property be issued by First Direct? How long do you have to have had the mortgage before consent to let can be negotiated with First Direct? In order to give you some history:Our home is a very small apartment which is too small for our family, my husband is also unwell and we are far away from family who could offer us a bit of relief, in the form of babysitting. I am interested in obtaining consent to let initially with a view to renting the property out to offset the costs of the First Direct mortgage.
- Just contacting you on behalf of my brother who has a mortgage with First Direct. He wanted to find out if there is a fee for consent to let? He has been in his property for two years but has been offered a job overseas away for a two year contract and was thinking about leasing the apartment out while he is away.
- At the moment I am looking to purchase my first property however, working as a consultant. I want to chose a mortgage provider that allows short term letting with a domestic mortgage so that I could lease out the property for 6-9 months with long periods of absence without being forced into a buy to let rate. Are you able to advise me on how lenders would perceive this and specifically the approach taken by First Direct.
- I have a self contained flat attached to my house that my dad is planning to move out from. As my property is large I was thinking to move into the annex and lease the rest out. This is also due to change of circumstances. Would I require consent to let from First Direct?
- Will First Direct choose to operate a right to change the rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their B2L range'? Is it possible to refinance on a consent to let with First Direct?
- Just looking for some help. I currently have a mortgage in place with First Direct. I have been given licence to sublet my apartment from the freeholder of the block and they asked if I have consent to from First Direct.
- I have a standard mortgage with First Direct which is only eight weeks long but I have been moved abroad with work. Is it possible to obtain consent to let from First Direct for a mortgage that has only recently commenced and I have just bought the property?
- Last month I purchased a property with 10% deposit for personal reasons. A homeloan was taken with First Direct. However my circumstances have now changed. I am being transferred out of the area. Am I able to get consent to let from First Direct and put the property up for rent?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above First Direct consent to let Advice
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
Where 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 notify them may result in 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in breach 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 Direct your property may be repossessed