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.
Common questions relating to First Direct consent to lease
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Me and my husband have a First Direct mortgage and are have made overpayments to bring the loan amount down, in gainful employment etc. Do you know how much it will cost and if First Direct are likely to give us consent to let without transferring to a commercial rate?
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We just obtained consent to let from First Direct. After some effort, First Direct have issued me with ‘consent to let’ confirmation . Mention is made of an assured shorthold tenancy. What is that?
- I acquired a one bedroom apartment in Hackney in 2008 and remortgaged with First Direct on a rate which expires in the coming months. If I go overseas for work and want to let out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- I am currently looking to acquire my first property however, working as a freelancer. I I would like to find a lender that will permit short term letting with a residential mortgage so that I could let the property for 6-9 months with long periods of absence without being forced into a buy to let product. Can you let me know how lenders would view this and in particular the approach taken by First Direct.
- I have split up with my wife and we have moved back in with our respective parents and intend to divorce. What do I have to do to get First Direct to give consent to let our house out to tenants?
- 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 a couple of years. But want to keep my home for my return - can you assist?
- I have fixed rate mortgage with First Direct. I am going have to rent out my house due to necessity. Were I to apply for consent to let, will I have to pay significantly more interest?
- I'm looking to find out more about consent to let from First Direct. Would an acceptable reason be parking problems and the house is too to small for me?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be 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
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 inform them may trigger your insurance becoming invalid. 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct