Need Help?
Need professional advice for your consent to let with Nationwide 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 Nationwide Building Society consent to lease
- I've got an existing mortgage with Nationwide Building Society approaching 3 years and the fixed rate is about to be renegotiated. We are thinking of extracting equity out of our current address to enable us to purchase a more substantial house and then rent out the current one bedroom apartment. We were originally informed that we ought to get a new residential mortgage allowing for consent to let - can you explain what this is?
- I have a shared ownership property in Newham and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach Nationwide Building Society take to consent to let as I am considering a remortgage with them. I am by no means sure that a mortgage can be obtained on my property but in the meantime can you provide further information on their consent to let criteria?
- I currently have a residential mortgage with Nationwide Building Society. I have been offered a property as part of my job and wish to lease out my existing home. The mortgage broker has informed me it is an easy process. Can you give me some information please?
- In 2003 I was granted permission by the local council and my lender Nationwide Building Society to convert a small barn into a granny annex, conditional on it not being disposed of separately from my property. My parents passed away some years ago and I would now like to rent it out with consent to let from Nationwide Building Society. Do you think this can be negotiated?
- So this is the scenario: I am moving abroad. This might be for a number of years. That being said I will be on a 3 month trial period .I'm wanting to know the criteria for consent to let from Nationwide Building Society and what fees are to be incurred
- Hi my partner and I own and live in 2 separate properties can I obtain consent to let from Nationwide Building Society and let my one bedroom apartment out if I move in with her?
- Can I remortgage with Nationwide Building Society with consent to let if my fixed rate is coming to an end. Circumstances would not have changed.
- I have had my home loan with Nationwide Building Society for eleven years with no arrear If I sought consent to let would it be given?
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Information to consider in further to the above Nationwide Building Society consent to let Questions and Answers
Tax and Legal
There may be various 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in violation 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 taking legal action 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 Nationwide Building Society