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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.
Newbury Building Society consent to let: Q and A’s
- We are a newly married couple and we found a home flat in Ealing that we like and want to get a mortgage with Newbury Building Society. Our concern is that I am pregnant and might give birth very soon as I am on the last few weeks of pregnancy. This wouldn't make it impossible for us to move right away so we are considering living with my mum and dad for the next few months. Meanwhile, if we secure this property, we can lease it out. We just wondering how will that work out? Will we be liable to be given consent to let from Newbury Building Society
- I have a mortgage with Newbury Building Society. I would like to buy a second house and my financial adviser suggested I apply for a consent to let. As far as I am aware they only grant consent to let where it is my intention to go back to my current property. Is this right?
- I am 3 years up in a five year fixed term mortgage and intend to take an overseas job so would like to rent out my home for 2 years. My loan to value is about 60%. Are you able to clarify whether Newbury Building Society will load the interest rate for consent to let for two years?
- I vacated my apartment about five months ago but didn't get around to get a consent to let letter, partly because the mortgage fix rate period is ending in a couple of months and I am thinking about refinancing anyway. I want to ask for the letter now, is that going to open up a Pandora’s box?
- It would be helpful to know if on the balance of probabilities Newbury Building Society will give consent to us letting out our home in Ealing
- Is there leeway in the accepted equity amount before switching from an existing Newbury Building Society mortgage to a consent to let?
- Last month purchased a garden flat in Islington. I am first time buyer. I am moving Ireland next month, can I get consent to let from my lender Newbury Building Society or do need to wait for at least 6 months?
- I wish to get consent to let from Newbury Building Society for a few years at which point I can turn it into a buy to let. Is this possible
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Newbury Building Society consent to let Advice
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
One thing to remember when arranging a consent to let mortgage with Newbury 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 standard 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society