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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.
Common questions relating to Furness Building Society consent to lease
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We purchased a mews house in 2013 for just under 200,000 with Furness Building Society. I got married to someone in the forces so moved in to married quarters in Belgium and now wish to have to get consent to let from Furness Building Society. Will they grant consent?
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I have a residential mortgage over my property in loc with the intention of relocating abroad to country for three years. During this time frame it would be ideal if I could let out my apartment. My mortgage provider refuses to issue a consent to let. It’s hardly ideal to move to a buy to let loan as it’s only a short term option that I am abroad for.
- I accept that I have been most reckless in not informing Furness Building Society that I’m renting my two bedroom first floor purpose built flat out. My most recent tenants have left the place in a mess and I need to claim on malicious damage. I’m concerned that my insurer will contact Furness Building Society, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- A friend of mine recently sought CTL from the Woolwich which they declined citing that the mortgage had not been going for even half a year. I am about to request consent to let from Furness Building Society. Do they take the same stance?
- I took a residential mortgage with Furness Building Society - 40% equity or thereabouts. I am considering relocating due to a promotion and enquiring whether consent to let would be granted so I could let out the house?
- A work promotions now necessitates that Ibe in different countries every month and in the circumstances I wish to understand the procedure for seeking consent to let with Furness Building Society
- Furness Building Society - consent to let potential. Can you advise on the process with this lender? Do they have a minimum period prior to changing to this and a minimum LTV?
- In the event that I was successful in obtaining consent to let from Furness Building Society, can I sell during the consent period? Is it possible that I would incur any charges?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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
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 standard 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
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 terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
If you do not keep up the payments on your mortgage with Furness Building Society your property may be repossessed