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.
Recently asked questions relating to Newbury Building Society consent to lease
- I am with Newbury Building Society and just had to apply for consent to let, but it would be useful to know if they pose any stipulations on the level of rental income?
- The plan is to move in with my partner and I have let my property out to 2 tenants on a one year tenancy. I am now applying for consent to let from Newbury Building Society but what if they decline. I can’t rescind on my contract in terms of backing out of renting the students as they have all signed up. On the flip-side Newbury Building Society could sue me for contravention of contract i.e. letting it out without consent to let.
- I am on a three year fixed rate mortgage with Newbury Building Society which began in April. I will be moving out in in three months and have students ready to lease my flat. I need to get a letter from Newbury Building Society granting consent to let until my term is up to allow me to start a new mortgage. How do I go about this?
- I wish to know what the criteria is for Newbury Building Society for consent to let. I have heard different suggestions in relation to fees and rates. I need to move area for work but I don't want to sell the property due to a difficult market.
- I am thinking of renting my house will Newbury Building Society charge me for a consent to let letter?
- I am looking to place my house on rent due to work commitments and was curious if this is possible to get consent to let. It is on a fixed rate mortgage with Newbury Building Society until 2018 October
- Four months ago I purchased a house with a Newbury Building Society mortgage. However I am currently living with parents. I don't want to move in until next February due to some family reasons. In interim can I rent out the property with consent to let?
- I hope you can help What do I need to do to get consent to let from Newbury Building Society? And how much equity is needed?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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 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 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 restrictions are not strictly observed you may be in violation 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 taking legal action against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society