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.
Common questions relating to Furness Building Society consent to lease
-
Can Furness Building Society activate a right to increase interest rates on a standard mortgage where Consent to Let at any time, onto ‘rates equivalent to their Buy to Let loans'?
- In the coming months I would like to move house and I am enquiring if I can get consent to let on my house then get a mortgage approval for the new house so I can effectively bid thus being chain free and then lease my property out when I move. Is it likely that Furness Building Society grant consent to let for 12 months if they know I am wanting to buy somewhere else or only if I am moving short term for career reasons?
- My mortgage is with Furness Building Society and wonder if I am required to disclose if we no longer reside in my house. I fear that they could jack up the interest rate if we move and find a tenant but it's not very apparent what the change would be. If I decide to lease my house out and seek consent to let in what way would the payments go up?
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Furness Building Society. Can you help me?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Furness Building Society
- I would like to rent out my property for a couple of years at most. How do I go about getting consent to let from Furness Building Society who I have a mortgage with?
- Do you have the address to which a Consent to Let request to be sent for Furness Building Society? Sorry about bothering you with this query.
- Are you aware if there is usually a maximum loan to value amount before Furness Building Society will grant 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 Furness Building Society 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
Failure 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 to have a license to do so from the freeholder. If such conditions are not complied with you may be in violation of your covenants under the lease. This could potentially result in 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