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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.
Top Five Questions relating to Newcastle Building Society consent to lease
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We purchased a house in 2010 for 175,500 with Newcastle Building Society. My husband’s job requires him to relocate to Cyprus and now wish to have to get consent to let from Newcastle Building Society. Do you have any experience of consent to let from Newcastle Building Society?
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Within the next few days I intend to ask Newcastle Building Society to obtain consent to let out my house in Newcastle Building Society. However I currently have the property for sale but there is no interest and paying a full mortgage, council tax and insurance on vacant house is draining me financially. What approach would Newcastle Building Societytake if I market the property?
- For a couple of years now I have had a mortgage with my partner on our flat which is up for renewal 21st July. I am having to move to Reading for my company in this summer. Is it possible to move to a consent to let mortgage with Newcastle Building Society?
- Last month I got married and my wife and I would like to buy a family home in the coming year, whilst keeping our three bedroom ground floor purpose built flat in Croydon we currently live in to rent out. Mortgage on the flat is with Newcastle Building Society. I wish to avoid putting myself in a situation with two residential properties and then be refused consent to let.
- I am trying to find out if it is possible to get a consent to let home loan with Newcastle Building Society rather than a buy to let mortgage
- My brother and I are thinking about applying to Newcastle Building Society to obtain consent to let our house, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any additional steps in the process?
- I might be looking to lease out my property and wondered what I would need to do to obtain consent to let from Newcastle Building Society. I may be moving abroad for nine months.
- Will Newcastle Building Society issue consent to let my house? I currently have a homeowner mortgage, never had arrears and have been with Newcastle Building Society for about three years now. What charges am I likely to face
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supporting the above Newcastle 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 lease may prohibit 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 breach of the lease. This could trigger 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 Newcastle Building Society your property may be repossessed