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.
Sample questions relating to First Direct consent to let
- I own a garden flat but I am rarely there, exploring the possibility of renting it out. My mortgage is with First Direct, would I have to change my mortgage rate or ought I try to get consent to let?
- I have a mortgage with First Direct on a flat and I would like to find a tenant for it out and rent another property due to changes in personal circumstances - I want to move to a new location, and to live in a bigger property with my fiance. I sought consent to let and just got a response refusing as they felt I want to invest. I dont know what my options are. I find myself at risk since I already have rented a new property and would have to pay both First Direct and rent payments, which could put me at financial risk. The matter is urgent because a prospective tenant at the ready
- I I have a residential mortgage with First Direct but I would like to occasionally rent the property out on AirBnB....do I need consent to let from First Direct?
- I acquired a garden flat in Hackney last September and have a 2 year fixed rate mortgage with First Direct. Looking to move in with my partner within the next six months and would like to lease out my property. Would like to be better informed as to the process.
- I was just looking into consent to let as it's something potentially I require from First Direct inside the next 12 months. Our family circumstances has changed, and I would like to rent my home out
- I want to rent the attic in my flat in Camden. Do I require consent to let from my mortgage provider First Direct?
- Last month I completed my homeloan with First Direct since when my boyfriend has proposed and we are deliberating whether to live in his house or mine. Would I be allowed consent to let if I decided to move into his property
- I am planning on relocating within the next nine months and would like to lease my flat out. My mortgage rate is fixed with First Direct. I am concerned that a 1% increase would be too much if that was linked to getting consent to let
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings 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
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 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such conditions are not complied with you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise your co-owner of your intention to let could result in them commencing legal proceedings 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