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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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Can First Direct activate a right to change the rates on a residential mortgage that has just been approved for Consent to Let at any time, onto ‘rates in line with their BTL products'?
- I have a First Direct mortgage on a flat I own, in Enfield. This year, resulting from a change of personal circumstances I decided to let out this flat, and rent an alternative property in a different area within same loc. The personal circumstances that altered is that my partner moved in, and the flat is not big enough for our needs. I would rather not sell the flat because the current market value is 20% less than the market value when I acquired the property in 2007. I contacted First Direct for a consent to let which was refused as they determined that I wanted to invest in the flat. The whole process was very stressful and frustrating. There is a sense of urgencybecause there is already a prospective tenant waiting for this consent to let and could look elsewhere.Please call me to discuss
- I have a garden flat in Haringey let out which has a 62 year lease. Mortgage adviser said I should refinance (currently with First Direct) as a buy to let instead of consent to let and release 65-70k which on top of a new mortgage based on income multiples would give me a budget of £210k. Not much about in Hounslow for me to buy my own property. To extend the lease will cost 21k. Not sure sure whether to hold on or sell the flat?
- Following retirement in 2014 I purchased a “retirement home” for my wife and myself to move to. Our intention is to let our current property to our kids and I have therefore contacted First Direct for consent to let. Do you think this is likely to be granted?
- I would like consent to let on my Westminster flat from First Direct. I will be leaving the UK for a period of time and so want to know if I can let my flat
- I am planning on moving within the next 6 months and wish to lease my flat out. My interest rate is fixed with First Direct. I am concerned that a rate hike would be too much if that was a condition of obtaining consent to let
- I have a mortgage with First Direct. I am thinking of moving out and letting out my apartment. Am I required to obtain consent to let ?
- I am looking at an offer to work overseas and have been advised that I need to let First Direct know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in in addition to the above First Direct consent to let Advice
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 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
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.
Your property may be repossessed if you do not keep up repayments on your mortgage with First Direct