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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.
Recently asked questions relating to Newbury Building Society consent to lease
- Earlier this year I rented out my ground floor flat and have gained a Consent to Let with my building society. 6 months have now gone by and they have upped my mortgage rate as forewarned. I am unwilling to transfer to a more favourable product with them, as they will remove my consent to let. Were I to go with another provider for example Newbury Building Society, would I need to get a B2L mortgage or could I just refinance and ask for further consent to let?
- me and my wife have just sorted our rates for another fixed five years with Newbury Building Society. However, I went to an interview and basically I accepted the job offer in Wandsworth. I'm going to rent a small flat for the family in Camden as we don't want to sell the house whist there is a possibility that we come back before two years.... We really don't know whether it will go. We have contacted Newbury Building Society but we would appreciate your point of view please. Is it possible to have a consent to let in that case as we just got a fixed 5 years rate we really don't want to swap this.
- I've been with Newbury Building Society for nearly 2 years and have just renewed a fixed rate. The LTV is in the region of 30%. A situation has arisen whereby we must move into my mum’s house to look after her, it would preferable to rent our house out - do I require consent to let from Newbury Building Society and is it likely to cost much?
- I currently have a mortgage with Newbury Building Society and the LTV is currently 60% with the Newbury Building Society current book value and would like to acquire a further property but would like to keep my existing property at the current market value. I have consent to let from Northern Rock on a previous property so know a bit about them and I also have buy to let with Accord on another property. Does the expected rental income on a consent to let with Newbury Building Society need to be over and above the mortgage repayments? I have a fixed rate which I tied into a fixed rate and left the term at 19 years so it was paid off as early as possible, obviously this leaves with quite a high monthly cost.
- My OH and I bought a place in London with Newbury Building Society and am moving to rent a property in Cornwall due to work. Is consent to let from Newbury Building Societyavailable? I only want to rent out the flat for half a year before selling.
- How easy is it to obtain a consent to let from Newbury Building Society and what does it cost? If I want to let out my property for two months how simple is it to fluctuate between a residential mortgage and consent to let?
- Is consent to let required from Newbury Building Society if I am intending to occupy the house myself for three months of the year? Also if I gain consent to let for a limited time, say up to 2 years, what happens after that.
- We need to contact Newbury Building Society to enquire about leasing out our apartment. Will they send a form to me. Is there a form I can download?
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 Info
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 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 potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting 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.
If you do not keep up the payments on your mortgage with Newbury Building Society your property may be repossessed