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.
Sample questions relating to Newbury Building Society consent to let
-
My mortgage is approaching renewal with Newbury Building Society. The property has been sub-let for a two years and I think I need to come clean toNewbury Building Society. I understand that I should seek consent to lease, but bearing in mind that the property has previously been rented out could they refuse - determine that I go onto a BTL mortgage or even apply a penalty? There is excellent equity - 30% LTV and have never missed any payments.
-
Can you clarify if consent to let compulsory from Newbury Building Society or can I let my new house without telling Newbury Building Society and being forced to switch to a buy-to-let mortgage?
-
Newbury Building Society have just granted me consent to let. After some effort, Newbury Building Society have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. Can you explain what this is?
- Where a property owner chooses to lease out their property without consent to let from Newbury Building Society - what, if any implication could there be for an agent acting on their behalf?
- Situation: I am moving abroad. This might be for many years. However I will be on a 3 month trial period .I would like to know how to go about getting consent to let from Newbury Building Society and what fees are to be incurred
- I am seeking consent to let for my house as I am moving out for four months currently fixed Newbury Building Society mortgage with two years which is due on April next year.
- My mortgage has been with Newbury Building Society for seven years. I would like to apply for consent to let my property. I have been waiting for a response from Newbury Building Society. Could you please check and help?
- I'm mulling over a remortgage offer with Newbury Building Society and it's likely I will require consent to let during the fixed period. Are there any penalties I should consider?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Newbury Building Society consent to let information
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 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 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
If your property is 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 violation of your covenants under 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed