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.
Examples of recent questions relating to Newcastle Building Society consent to let
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What do I do if my request for consent to let is rejected by Newcastle Building Society?
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I am between a rock and a hard place with a Consent to Let home loan. Having sought consent to let my lender has requested evidence of an executed AST prior to issuing permission. If I get a signed tenancy agreement would I not be violating the terms of my existing mortgage?
- I purchased a house three years ago in Sunderland when I worked locally. I got a new job which involved working in Luton. I drive down on Sunday evening and live with a relative during the week. I decided on relocating with the family to avoid the commute. I am considering the option of renting out my current home. The mortgage is with Newcastle Building Society, would I have to change my mortgage product or ought I try to get consent to let?
- I am thinking of applying for consent to let from Newcastle Building Society as my personal circumstances have changed. My stepdaughter was starting university and I felt we would move nearby and decided to purchase a house as opposed to spend the money on renting. Since buying the house I have fallen out with my step daughter and she won't move in. Given that the whole point was for her and the house location is not particularly convenient for my work I would like to move out and rent out the property
- When it comes to consent to let from Newcastle Building Society am I supposed to tell them each time we get a new tenant and forward them a duplicate of the AST?
- In the event that I was successful in obtaining consent to let from Newcastle Building Society, could I sell during the consent period? Is it possible that I would incur any charges?
- I am currently refinancing and exploring the flexibility of certain mortgage providers when it comes to consent to let. Newcastle Building Society is one of the mortgage companies I am thinking of going with. How accommodating are they are far as consent to let is concerned?
- I have a residential homeloan with Newcastle Building Society. I acquired the property in December two years ago. What are the options and criteria for consent to let.
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in further to the above Newcastle Building Society consent to let Advice
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
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 provisions in the lease may prevent you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Newcastle Building Society