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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
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If push comes to shove what action Newcastle Building Society can take if I have let out my house in the event that consent to let is not forthcoming?
- How likely are Newcastle Building Society in issuing me with Consent To Let on a one bedroom second floor purpose built flat? It is currently on the market and it has been for three months. I am keen to sell but I'm concerned that if there are no takers I will have to get a tenant in to cover the monthly payments to Newcastle Building Society (I do not now live at the address). My preference is to come clean with Newcastle Building Society than keep them in the dark but I'm not sure how helpful they will be.
- I'm just looking here for a a colleague as he’s at work who has a mortgage with Newcastle Building Society. He asked me to find out if there is a charge for granting consent to let? He has been in his property for two years but has been offered a job overseas away for a two year contract and is considering renting the place out while he is away.
- My husband and I live in a matrimonial home where there exists a number of vacant bedrooms. We are looking into the idea of setting up an AirBnB type operation to rent half the property out on a short term arrangement. Do you know this kind of thing acceptable in accordance with Newcastle Building Society’s standard 'consent to let' Terms?
- I have to send the consent to let form by courier and need to know if Newcastle Building Society have a regular postal address I can use as couriers ordinarily will not accept deliveries to PO Box addresses.
- I will have to move to Miami for a couple of years, I have a house with a Newcastle Building Society mortgage. Do I need to obtain consent to let? Will they be accommodating?
- We are about to buy a flat and plan to live in it once we have refurbished but we may need to let the property out but not clear on what the rules are on consent to let from Newcastle Building Society? We don't require a buy to let mortgage because we are not certain if we will need to let it out at all
- I am looking at some alternative lifestyle. I have a Newcastle Building Society mortgage, if I become a US resident but wish to rent my UK house, do I need to get consent to let from Newcastle Building Society to do this ?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Newcastle Building Society consent to let Questions and Answers
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
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 lease may prohibit you from letting or require that you to have a license to do so from 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
Failure 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