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.
Examples of recent questions relating to Newbury Building Society consent to let
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Frank (my fiance) and I may need to rent out our Westminster home for a while due to a career opportunity. This will be temporary but perhaps for 6 years. Should I tell Newbury Building Society or do I just keep quiet?
- I have a Newbury Building Society mortgage and have been renting my apartment omitting to get consent to let, making me in contravention of my mortgage conditions. I think I have come onto their radar that I am not living there. Is my only option is to dispose of the apartment before repossession?
- I have been offered a once in a lifetime job opportunity for 9 months overseas. I do have sufficient savings to pay the monthly Newbury Building Society mortgage yet the buildings insurance requires that the property must be occupied in order to be valid. Last winter the roof suffered storm damage but was repaired. Should there be any problems in the winter months I would struggle to cover the remedial works. Would I be eligible for consent to let by Newbury Building Society for the period I am abroad?
- My solicitors have served eviction orders on a tenant who had not paid rent. A Section 21 and section 8 have been served. The tenant's defense for refusal to pay is built on the claim that I do not have consent to let my garden flat from my provider Newbury Building Society
- I will have to move to Philadelphia for a couple of years, I have a property with a Newbury Building Society mortgage. Do I need to obtain consent to let? Will they be forthcoming?
- Do you know whether Newbury Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Newbury Building Society let me raise capital based on the rental revenue ?
- I am after further information in relation to consent to let mortgages, potentially moving our existing mortgage with Newbury Building Society across to a consent to let one.
- I am looking to get consent to let with my Newbury Building Society residential mortgage. It is a detached house. Do Newbury Building Society grant consent on this basis? Or would it be regarded as an HMO?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Newbury Building Society consent to let Info
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
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 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
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.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed