Need Help?
Need professional advice for your consent to let with Newcastle 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 Newcastle Building Society consent to lease
-
We acquired a terraced property in 2010 for just under 200,000 with Newcastle Building Society. My husband’s job requires him to relocate to Belgium and realise that I need to request consent to let from Newcastle Building Society. Do you have any experience of consent to lease from Newcastle Building Society?
- I have a shared ownership home in Hillingdon and will be looking to buy out the rest of the property. However, within the next six months I may be working in Canada for a short period of time so would like to know what approach Newcastle Building Society take to consent to let as I am considering a remortgage with them. I am not sure if a mortgage can be obtained on my property but as an aside can you provide further information on their consent to let requirements?
- I have a residential property but I am moving with my girlfriend to a different city for career reasons and moreover close to her university. I would prefer to retain the property but not sure I can afford a BTL mortgage. It will only be temporary -three years until my girlfriend has finished University and I can sell, or move elsewhere. My mortgage is with Newcastle Building Society. Is there a chance I won't be approved for consent to let?
- My husband and I currently live in Melbourne and letting out our flat in the UK. This is not something we planned but an opportunity came up and we took it. The rent we make on the property is not enough to cover the mortgage so we send back money each month to cover the difference. Last week I got a letter in the mail from our lender telling me that as the property is being let out and has been for almost three years we will have to pay 1.5% interest in addition to our current mortgage rate. We could sell the flat but this will be difficult as I am on the other side of the world. Could we remortgage with Newcastle Building Society and get consent to let?
- What is the longest period that Newcastle Building Society is willing to issue Consent To Let for?
- I was just looking into consent to let as it's something potentially I would need from Newcastle Building Society inside the next year. Our family circumstances has changed, and I would like to rent my home out
- I already have a mortgage with Newcastle Building Society. I am considering renting and purchasing another property but this is all alien to me. How do I go about applying for consent to let from Newcastle Building Society?
- I currently have a residential mortgage with Newcastle Building Society and plan on letting due to work being based in Bristol. In seeking consent to let from Newcastle Building Society do I run the risk of them forcing me to change deal to BTL
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supporting the above Newcastle Building Society consent to let information
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 conditions are not complied with you may be in breach 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 obtain their consent in writing.
If you do not keep up the payments on your mortgage with Newcastle Building Society your property may be repossessed