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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.
Frequently asked questions relating to Furness Building Society consent to lease
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Within the next few days I intend to apply to Furness Building Society for consent to let out my property in Furness Building Society. However I currently have the property for sale but there without a sniff of interest and forking out for a full mortgage, council tax and insurance on unoccupied house is hurting financially. How are Furness Building Society going to react if I have the house on the market?
- We are currently in NYC and leasing out our property in the UK. This was unplanned but an opportunity arose and we took it. The rent we make on the property is not enough to cover the mortgage so we send back funds each month to make up the shortfall. Anyway this morning I got a letter in the post from our lender informing me that as the property is being let out and has been for almost four years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the flat but this will be difficult as I am so far away. Could we remortgage with Furness Building Society and get consent to let?
- I am just about to receive a mortgage offer from Furness Building Society for a garden flat. I have applied through Right to Buy. It is a 20 year mortgage. I am curious as to what is the main criteria Furness Building Society adopt in order to grant customers consent to let? Is consent to let based on the rental multiple on a property?
- I are looking to let out our garden flat in Westminster in January. I would like some advice on what I need to do. I've just moved our Furness Building Society mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- It is looking as though I may need to move to Miami for two years, I have a house with a Furness Building Society mortgage. Do I need to obtain consent to let? Will they grant it?
- Should I decide to apply for consent to let from Furness Building Society how long will it take to hear back?
- I am going away for work for as long as a year... I was wondering if I was able to obtain from Furness Building Society consent to let the property out while I was away as I do not want to leave it empty for that long
- I am interested in some guidance on how best to approach my mortgage provider Furness Building Society regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental the above Furness Building Society consent to let Questions and Answers
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 result in 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
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 terms are not adhered to you may be in breach 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 Furness Building Society