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.
Top Five Questions relating to Newbury Building Society consent to lease
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Me and my husband have a Newbury Building Society home loan and are are up to date with payments, in gainful employment etc. Can you tell me how much it will cost and if Newbury Building Society usually grant consent to let without transferring to a new mortgage product?
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What is the most extreme action Newbury Building Society can take if I have let out my house if consent to let is not first obtained?
- I have been offered a once in a lifetime career opportunity for 9 months in New York. I do have sufficient cash reserves to meet the monthly Newbury Building Society mortgage however the buildings insurance requires continuous residency in order to remain valid. Last December the roof suffered storm damage but was repaired. If there happened to be any problems in the winter months I would struggle to cover the remedial works. How likely is it that I will get consent to let by Newbury Building Society for a limited period?
- I purchased a ground floor flat in Bexley in 2006 and remortgaged with Newbury Building Society on a rate which expires in the later this year. If I go abroad and want to let out my property what would I need to do to get consent to let and what are the financial repercussions if any?
- I am seeking from Newbury Building Society consent to let out my house in Hounslow. I am putting in hand arrangements to move in with my grandfather as I am off work due to ill health.
- How easy is it to obtain a consent to let from Newbury Building Society and what will it cost me? If I want to let out my property for three months how simple is it to chop and change between a standard mortgage and consent to let?
- Will I need consent to let from Newbury Building Society if I am planning to reside in the property myself for half of the year? Furthermore if I obtain consent to let for a period of time, say up to 2 years, what happens after that.
- Will Newbury Building Society give consent to let my home? I currently have a residential mortgage, never been in arrears and have been with Newbury Building Society for approximately since 2013. What costs am I likely to incur
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to 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
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 to have a license to do so from the freeholder. If such terms are not adhered to you may be in violation 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 taking legal action 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