Need Help?
Need professional advice for your consent to let with Furness Building Society? 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 Furness Building Society consent to let
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Can Furness Building Society activate a right to put a loading on my interest rate on a homeowner mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their BTL loans'?
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I am a first time buyer interested in a 2 bedroom house in Furness Building Society. I have a 40% deposit with a mortgage from Furness Building Society. My predicament is that my fiancee owns a flat in Slough and I hope to be moving in next year, at which point I would have to let out my property. I I know that consent to let is needed but it does not sound like a positive outcome is assured. Is there any advice you can impart?
- Much to my surprise I have been offered an excellent job opportunity for 6 months overseas. I have enough cash reserves to pay the monthly Furness Building Society mortgage however the block insurance requires that the property must be occupied in order to be valid. Last winter the roof was damaged but repaired. Should there be any problems in the winter months I would find it hard to cover the repair costs. Would I be eligible for consent to let via Furness Building Society for a limited period?
- Good morning, I have consent to let my house with Furness Building Society and am about to give my tenant two months notice as I intend to find a buyer. I am worried about the property being vacant once the tenant leaves and finding a purchaser. I have never defaulted on the account, is it likely that I would be able to take payment holidays until I complete the sale?
- I have a residential mortgage with Furness Building Society and my circumstances have changed due to family, can I apply for consent to let. What changes will affect me?
- My wife and I want to move home and have found a house we wish to purchase so are considering leasing out with consent to let from Furness Building Society for our original property to enable us to place an offer and not miss out on the potential new house.
- Is it the case that a prior extension to a mortgage term with Furness Building Society work against us once we sought consent to let from Furness Building Society.
- Are you able to shed light what the process would be if we bought a second property and need to obtain consent to let for our existing mortgage with Furness Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Furness Building Society consent to let information
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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 the lease. This could potentially result in 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Furness Building Society