Need Help?
Need professional advice for your consent to let with Newbury Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Frequently asked questions relating to Newbury Building Society consent to lease
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I intend to let out my flat to some tenants who have asked me for a duplicate of my ‘consent to let’ from Newbury Building Society, my mortgage lender. Why would they ask for this
- I have just come off the phone to Newbury Building Society who have advised me that they have figured out that I have been renting the one bed flat despite having a normal mortgage. I needed to move a couple of years ago for career reasons, was unable to sell and so had little choice to let out the property. Do you know what the implications may be for me not procuring consent to let?
- My brother and I may be presented with an opportunity to work in a different office in the UK for a few months and wish to know if we can rent our current property. It is a two year fixed rate and we are six months into the mortgage with Newbury Building Society. We have lived at the property for nearly four years. Our LTV is 70%. Are we likely to get consent to let from Newbury Building Society? What charges can we expect to pay etc
- I have been renting out my flat to students for two years but not on a buy to let mortgage as I naively considered that you only needed a buy to let if you had more than one property. In trying to purchase a second property, I found that I should have had consent to let at the outset from my lender Newbury Building Society. I'm enquiring whether I can now seek consent to let from Newbury Building Society?
- I have a residential mortgage with Newbury Building Society and with my circumstances changing significantly in the last six months, can I apply for consent to let. What changes will affect me?
- I have Newbury Building Society mortgage and am thinking of letting the property. I am lead to believe that I would need a consent to let to do this...is that right ?
- Is there a set or maximum term how long I could let my house out to a family member with consent to let from Newbury Building Society. I no longer want to live in the area and want to buy a new home?
- I have a mortgage with Newbury Building Society. I am thinking of moving out and leasing out my property. Am I required to obtain consent to let ?
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Information to consider in further to the above Newbury 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
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
Should the tenure of your property be 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 breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society