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.
Newcastle Building Society Consent to Lease Example Support Desk Enquires
- I am planning to apply for consent to let from my existing mortgage lender Newcastle Building Society. A friend of mine said that she was issued with ‘consent to let’ confirmation from a different lender where it stipulated that the tenancy granted must be in the form of an AST. Can you explain what this is?
- My husband and I are intent on buying a house, letting two of the bedrooms out to help cover the loan with Newcastle Building Society, and then moving on in a few years time - when the property would be entirely let. How likely is it that Newcastle Building Society would look at this unfavourably as I will have been given a standard homeloan rather than a B2L or consent to let? I've heard that the worst case scenario is that they can repossess the property, is this right?
- I am currently looking to acquire my first home however, working as a contractor. I want to chose a mortgage provider that allows short term letting with a residential mortgage so that I could let the property for no more than six months with long periods of absence without being required to switch to a buy to let rate. Can you let me know how lenders would perceive this and specifically the stance taken by Newcastle Building Society.
- For a couple of years now I have had a mortgage with my fiance on our apartment which is up for renewal 13th August. I am having to relocate to Brighton with work in January. Is it possible to transfer for a consent to let mortgage with Newcastle Building Society?
- Can I get an interest only mortgage with consent to let when my current Newcastle Building Society deal runs out May 21?
- Is consent to let required from Newcastle Building Society if I am intending to reside in the house myself for half of the year? Furthermore if I obtain consent to let for a limited time, say up to twelve months, what happens thereafter.
- I am currently remortgaging and looking into the flexibility of certain mortgage providers when it comes to consent to let. Newcastle Building Society is one of the lenders I am considering. How accommodating are they are far as consent to let is concerned?
- I have a mortgage with Newcastle Building Society but am wanting to let my house out and move in with my partner and baby what is required to get consent to let?
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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may result in your insurance becoming invalid. 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 conditions are not complied with you may be in breach of your covenants under 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 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