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.
Furness Building Society Consent to Lease Example Support Desk Enquires
- I have to move my son’s school by mid-August and move to a new area. I don't have time to sell my house.The only way I can see of doing it is to rent my house out. Currently I have standard occupiers insurance. Am I obliged to take out a different insurance? Do I need consent to let by my mortgage lender Furness Building Society
- What is the difference between consent to let and changing to a buy to let mortgage? What is the consent to let rate offered by Furness Building Society?
- If a property owner opts to let out their property in the absence of consent to let by Furness Building Society - what, if any implication could there be for an agent acting on their behalf?
- We are intent on purchasing a property, renting a couple of the bedrooms out in order to cover the mortgage with Furness Building Society, and then moving on in a few years time - at which point the property would be entirely tenanted. Is it likely that Furness Building Society would look at this unfavourably as I will have been issued with a non-commercial mortgage as opposed to a B2L or consent to let? I've heard that the worst possible outcome is that they can sue for mortgage fraud, is this right?
- I was just curious as to whether Furness Building Society would issue me with consent to let and what kind of charges, penalties and new rates etc
- I hope to buy a new house but can't afford to sell the current property with a Furness Building Society mortgage. Do you know the criteria for Furness Building Society to issue consent to let? Is getting married and having children an acceptable reason to to ask for consent to let?
- My son has a mortgage with Furness Building Society and he wants to let his flat out as he is moving in with his girlfriend.Will she be given consent to let? What is the procedure and what needs to be done next?
- I would like to let my home for two years at most. I would like to know if I could have a consent to let from my existing mortgage lender Furness Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting 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
One thing to remember when arranging a consent to let mortgage with Furness Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 to have a license to do so from the freeholder. If such restrictions are not strictly observed 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.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed