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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.
Questions and Answers: Newcastle Building Society consent to let
- 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. My preference is to keep my house but it is unlikely that I can afford a BTL mortgage. It will only be short term -three years until my girlfriend completes her degree and I can sell, or move elsewhere. My mortgage is with Newcastle Building Society. Do you think they will grant consent to let?
- We intend to rent out our flat in Merton which is on a owner-occupier mortgage with Newcastle Building Society . Obviously I will seek a consent to let. If there is a cost for the consent to let can this amount also be categorised as an allowable cost on my self assessment form to the tax authority?
- My fiance and I are expecting any day now a mortgage offer from Newcastle Building Society for a freehold house. I have applied through Right to Buy. It is a capital and interest mortgage. I wonder what is the main criteria Newcastle Building Society adopt in order to allow customers consent to let? Is consent to let based on the rental multiple on a property?
- We took a home loan out on a studio flat last August however I will be working outside of commuting distance of Brent in the medium term but hope to find work closer in the long term. Given I have not had property long I will lose money if I sell and do hope to return to Brent so would like to keep it. How likely are Newcastle Building Society to allow a consent to let and what will it cost me ?
- I'm soon to switch mortgage provider to Newcastle Building Society for a fixed rate but the likelihood is that I will need to rent the flat out for just under 12 months. Do Newcastle Building Society consent to let on fixed rate home loans and if so, what are the procedures.
- Me and my brother are considering applying to Newcastle Building Society to obtain consent to let our house, how long does it take from the point of sending the forms to us finding a letting agent and listing our house for rent? and are there any further steps we will need to go through?
- I may potentially need consent to let from Newcastle Building Society in the future with work. I am just looking to see what the options would be if this was the case. Are there any time restrictions on the length you can let out a property with consent?
- My wife and I may want to lease our home temporarily due to a new job. This will be for a limited period but no more than threeyears. Should I tell Newcastle Building Society or am I best advised to keep schtum?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in in addition to the above Newcastle Building Society consent to let information
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
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
Neglecting to advise 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newcastle Building Society