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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.
Questions and Answers: First Direct consent to let
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Due to problems with the area we live in (it's rough!), we now want to move. As selling the property will result in early repayment charges to First Direct of £4000, we thought that it would be sensible to rent it out. So, we need to obtain a consent to lease from First Direct only a year. What can I do to get consent?
- What information do First Direct require to to decide whether to grant consent to let. I am on a 3 year fix with them. I have never defaulted in payments. I am looking at moving to the countryside owing to the family getting bigger. I will be staying with my existing job and my annual income has gone up 15% since I took the mortgage out.
- As things stand we have a three year fixed term mortgage with First Direct that we're about 18 months into. Our circumstances have now altered and we wish to let out our house for a year and whilst we relocate to Redbridge. How do we mitigate the possibility of First Direct rejecting consent to let.
- I was going to call First Direct to ask if they have a Consent to Let application they can send me to complete.. However,I thought I would look online. I was wondering if there is anywhere I could download this form online?
- I don't currently have consent to let by First Direct but I would like to change to one, I am looking at working away for eighteen months. But want to keep my home for my return - are you able to assist?
- What are the circumstances under which First Direct would turn down a consent to let application?
- I am potentially moving in with my girlfriend but would rather not to sell my flat. How do I go about seeking consent to let from First Direct, and what are the chances that this will be issued?
- Is consent to let required from First Direct if I am planning to occupy the flat myself for half of the year? In addition if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
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General Advice to read in further to the above First Direct consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with First Direct is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 restrictions are not strictly observed you may be in violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct