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 am employed by a letting agency in loc and a potential tenant for the house has demanded a duplicate of the ‘consent to let’ from the owners lender Newcastle Building Society. Is this a new type standard inquiry?
- I am currently choosing a mortgage as first time buyer and considering Newcastle Building Society with my mortgage adviser. Suppose I choose a five year fixed rate I live at the property and after 2 years, I come to get an opportunity of work relocation requiring moving to a different location. If Newcastle Building Society gives me consent to let,would the interest rate remain the same or would it increase?
- Twelve months ago my bank (not Newcastle Building Society) granted me with consent to let. The condition was that every half year they would levy a fee of 0.5% of the outstanding mortgage amount. Having the first couple of payments they have omitted to make the charge in recent months. Should I be worried that this means that my consent to let has been withdrawn.
- We have decided to rent our studio flat out. We have put an offer on a further property for us to buy and a tenant at the ready to move into ours. I believe I have to ask our mortgage provider Newcastle Building Society for consent to let. Is there a template consent to let request letter I can use?
- I am considering renting my flat will Newcastle Building Society invoice me for a consent to let letter?
- We have a mortgage with Newcastle Building Society on our studio flat in Brent. We are planning to buy a new house to move into. How do I move our existing mortgage on to consent to let?
- Will Newcastle Building Society grant consent to let my flat? I currently have a residential mortgage, never been in arrears and have been with Newcastle Building Society for approximately three years now. What costs am I likely to incur
- I am looking at taking a job abroad and have been advised that I need to let Newcastle Building Society know so my mortgage is under consent to let? Please could you clarify the best way deal with this?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in conjunction with the above Newcastle Building Society consent to let Questions and Answers
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
One thing to remember when arranging a consent to let mortgage with Newcastle Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your regular residential buildings insurance. 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 terms are not adhered to you may be in violation 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 commencing legal proceedings 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