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
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Helen (my partner) and I may need to lease our Islington home for a while due to a career opportunity. This will be temporary but possibly for as long as 4 years. Must I notify Nationwide Building Society or am I best advised to not rock the boat?
- In June 2013 I was issued consent to let from my existing mortgage provider which is about to run out. I have since been traveling and had my first child. I'm not earning enough just now to pay the mortgage by myself. I have been told I can't extend my consent to let and if I continue renting out I will be in action would be taken for breaching my mortgage contract. Due to affordability I don't think the buy to let will be approved. One option I am thinking about is remortgaging to Nationwide Building Society. Are they likely to grant consent to let from the start?
- Resulting from a change in personal circumstances my husband and I are housesitting my mum and dad’s house while they are away and letting our flat out. We are going to need for consent to let from Nationwide Building Society. Will this be forthcoming? We will need to refinance in the next 12 months will we then switch to a BTL product. We will 100% return to our home at the beginning of 2017?
- I have been renting out my flat to students for a few years but not on a buy to let mortgage because I naively considered that you only needed a buy to let if you had more than one property. In trying to acquire a further property, I discovered that I should have obtained consent to let all along from my mortgage provider Nationwide Building Society. I'm wondering whether I can now ask Nationwide Building Society for a consent to let?
- I'm possibly going to Aus for a year with work. Planning on taking my partner with me and hoping to rent our Harrow property in the meantime on a temp basis to make matters more cost effective. I was just wondering whether Nationwide Building Society currently allows consent to let
- My mortgage has been with Nationwide Building Society for six years. I would like to apply for consent to let my home. I have been waiting for Nationwide Building Society to get back to me. Could you please check and help?
- Me and my partner and I have three months to run on a 2 year residential mortgage with Nationwide Building Society but now let the property out. is it safe to assume they will simply charge a flat fee for consent to let?
- I was wondering if you can help. I require consent to let from Nationwide Building Society and would like to know if this option would be possible for me to switch to as I must move back home to take care of my father
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Nationwide Building Society consent to let Info
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 Nationwide 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
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such conditions are not complied with you may be in violation of the lease. This could trigger 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.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed