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.
Top Five Questions relating to Nationwide Building Society consent to lease
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I was thinking of renting out my home and generate some income while I am on holiday. It’s only for a month. Do I need consent to let from Nationwide Building Society?
- Is it legal to rent out our house minus consent to let from our mortgage provider? I recognise that at the time we signed a declaration saying it wouldn't be a buy to let property and that we don't own other property. I know you can't use help to buy if you owned other premises at the time, but what about property after the event? Can one purchase a further property, or inherit a property?
- Hi, I have consent to let my house with Nationwide Building Society and am about to give my tenant 2 months notice as I wish to find a buyer. I am worried about the property being unoccupied when the tenant leaves and finding a buyer. Not once have I defaulted on the account, would it be possible to take payment holidays pending the sale of the property?
- I own a home that's presently under shared ownership (My share is 60%) purchased in July 2014. I am currently going through the full purchase of the house. My partner and I have also got a second house that we are hoping to buy. Mortgage in principle has been approved by Nationwide Building Society. I want to know that I will be able to put the existing house through consent to let as soon as the remainder share has been purchased so, that we can start the process of buying the new property
- I was just looking into consent to let as it's something potentially I require from Nationwide Building Society inside the next year. Our family circumstances has changed, and I wish to lease my home out
- Me and my partner and I have four months to left on a two year residential mortgage with Nationwide Building Society but now lease the property out. Can I assume they will just charge a flat fee for consent to let?
- Please could you clarify what the process would be if we purchased a second home and need to obtain consent to let for our existing mortgage with Nationwide Building Society
- I have a mortgage with Nationwide Building Society. I am thinking of moving out and letting out my apartment. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
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 obtain the consent of the freeholder. If such conditions are not complied with you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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 Nationwide Building Society your property may be repossessed