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.
Top Five Questions relating to Newcastle Building Society consent to lease
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I have a residential mortgage nearing reissuing with Newcastle Building Society. The house has been tenanted for a couple of years and I now realise that I should informNewcastle Building Society. My understanding is that I should seek consent to let, but given that the property has previously been rented out could they decline - require that I go onto a BTL mortgage and even fine me? There is excellent equity - 30% LTV and have never missed any payments.
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We just obtained consent to let from Newcastle Building Society. After some effort, Newcastle Building Society have issued me with ‘consent to let’ confirmation . There is reference to an assured shorthold tenancy. What is that?
- I am looking for some feedback as to whether consent to let from Newcastle Building Society is the best approach. I acquired my property last January by porting an existing Newcastle Building Society mortgage product. My fixed rate ran out two months ago I'm thinking about moving in with a new partner. I don't want to sell my property yet because I'm unsure of whether the new move will work out. I just wanted an idea of whether a consent to let from Newcastle Building Society would be possible?
- I have a ground floor flat in Waltham Forest which I bought seven years ago and which I have since remortgaged with Newcastle Building Society on a fixed rate which ends next June. If I want to let out the property whilst I go travelling what do I need to do and is there a time limit? Are there any other financial repercussions when applying for consent to let?
- I have just got married and I am in the process of buying out 100% of my co-ownership mortgage with my wife. As a result we have now been given a 90% loan to value on our house. We want to buy a larger place. Will it be possible to get a consent to let on my new mortgage with Newcastle Building Society to allow us to get a mortgage also with Newcastle Building Society for a new home?
- I would like consent to let on my Enfield flat from Newcastle Building Society. I will be going abroad for a year and so want to know if I am able to rent out my apartment
- My family circumstances has changed, and I wish to lease my property out - meaning consent to let- I have approx £175K loan with Newcastle Building Society and currently 100k equity I need to avoid the redemption penalties.
- My husband and I are trying to discover which lenders are best for giving consent-to-let without raising rates, and hopefully allowing more than two years where necessary. Is that something you can assist me with? We are particularly interested in Newcastle Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition to the above Newcastle Building Society consent to let Advice
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
Where 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 inform them may trigger 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 lease may prohibit you from letting or require that you obtain the consent of 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 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