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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.
Questions and Answers: Newbury Building Society consent to let
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I bought a terraced property in 2007 for £147,000 with Newbury Building Society. I got married to someone in the forces so moved in to married quarters in Gibraltar and appreciate that I have to request consent to let from Newbury Building Society. Will they give permission?
- Having spent ten years in London, I'm considering relocating to be nearer to family. We've only been homeowners for the last two years and about to refinance with Newbury Building Society. In Bexley, we are be looking at a 3-bed property around the £250k mark. I would preferably like to retain my existing property. Could I ask for Consent to Let from the proposed new mortgage provider Newbury Building Society. If granted what are the likely requirements?
- Me and my brother are joint proprietors of a flat in Enfield with a Newbury Building Society mortgage. I want to vacate and purchase a new property with my fiancee. How should I deal with renting out my room? Would I need consent to let from Newbury Building Society. My brother will continue to live in the flat
- My partner and I currently live in Melbourne and leasing out our flat in the UK. This was unplanned but an opportunity presented itself and we took it. The rent achieved on the property is insufficient to cover the mortgage so we send back funds each month to make up the difference. Earlier today our lender got in touch informing me that because the property is being let out and has been for nearly four years we will have to pay 1.5% interest on top of our current mortgage rate. One option would be to sell the apartment but this will be far from easy as I am on the other side of the world. Could we remortgage with Newbury Building Society and get consent to let?
- My wife and I have a Newbury Building Society home loan currently and may want to let it out temporarily with consent from Newbury Building Society for (1 year). How long does it take to obtain consent to let?
- What are the circumstances under which Newbury Building Society will refuse a consent to let application?
- Do you know if I can keep my current domestic mortgage with Newbury Building Society if I start renting out? If the consent to let is issued will they load the interest rate?
- 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 £48k on it. Will Newbury Building Society increase my mortgage rate?
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 Questions and Answers
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
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 standard 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
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 restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newbury Building Society