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.
Newbury Building Society Consent to Lease Example Support Desk Enquires
- Eighteen months ago my husband and I bought our council house, in Southwark,recently valued at £200k. It was paid for in full from our own finances, unencumbered. We can't sell (without penalty of losing some of our discount) before five years have gone by. Regardless, we want to hold onto it as a investment property to let out. We wish to release some equity via a Newbury Building Society mortgage. I am confident that my rental income would cover my monthly repayments so can I negotiate consent to let. is this something you can help me with?
- What are the chances of Newbury Building Society in granting Consent To Let on a garden flat? Agents have had it on the market for three weeks. I am keen to sell but I'm mindful that given the lack of interest I will need to rent out the property in order to cover the monthly payments to Newbury Building Society (I no longer reside at the address). My preference is to come clean with Newbury Building Society than not tell them but I'm not sure how accomodating they would be.
- I have a mortgage with Newbury Building Society on a flat and I am intending to find a tenant for it out and rent an alternative property as a result of changes in personal circumstances - I want to move to a new location, and to live in a bigger house with my partner. I applied for consent to let and recently got a response refusing as they determined that I want to invest. I as at a loss as to what to do now. The process has put me at risk since I already have rented a new home and am faced with paying both the Newbury Building Society mortgage and rent payments, which could put me at financial risk. The matter needs to be addressed soon as a potential tenant at the ready
- Last month I got married and my wife and I would like to purchase a family home in the coming year, whilst keeping our one bedroom apartment in Barnet we currently live in to rent out. Mortgage on the flat is with Newbury Building Society. I don't want to put myself in a situation with two residential properties only to be refused consent to let.
- My fiance and I are contemplating a remortgage and also exploring the possibility of renting the property in the years to come - Is there a charge with Newbury Building Society to receive consent to let and what are the criteria?
- I have a mortgage with Newbury Building Society at the moment and just enquiring if there any fees for obtaining consent to let
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Newbury Building Society. My property is worth approx £200k and owe £85k on it. How likely is it that Newbury Building Society increase my mortgage rate?
- 13 months into homeloan with Newbury Building Society due to work reasons need to relocate. Do you think I can get buy to let or consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming null and void. 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
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 conditions are not complied with you may be in violation of 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society