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.
Common questions relating to Newcastle Building Society consent to lease
- In August 2013 I was issued consent to let from my existing mortgage provider which is about to run out. Since I took this out to travel and start a family. I'm not earning enough just now to pay the mortgage on my own. My lender has advised me that I can't extend my consent to let and if I continue renting out I will be in contravention of the terms of my mortgage conditions. As a result of my low income I don't think the buy to let will be approved. One option I am considering remortgaging to Newcastle Building Society. Are they likely to give consent to let from day one?
- me and my wife have just sorted our rates for another fixed five years with Newcastle Building Society. However, I went to an interview and basically I accepted the job offer in Harrow. I'm going to rent a small flat for me and my family in Hounslow as we don't wish to sell the house whist there is a chance that we come back within a couple of years.... We really have no idea whether it will work out. We called Newcastle Building Society but we would appreciate your take on the situation. Is it possible to have a consent to let in that case as we secured a fixed 5 years rate we really don't want to swap this.
- At the moment have a five year fixed term mortgage with Newcastle Building Society that we're about one year into. Our situation has now altered and we would like to let out our property for a year and move to another town. How do we mitigate the possibility of Newcastle Building Society refusing to grant consent to let.
- Your view would be appreciated as to whether consent to let from Newcastle Building Society is the best option. I acquired my house nine months ago by porting a Newcastle Building Society mortgage product. My fixed rate expired two months ago I'm probably going to be moving in with a new partner. I would prefer not to sell my property yet as I'm unsure of whether the new move will prove successful. I just wanted an idea of whether a consent to let from Newcastle Building Society would be possible?
- If we ask for a consent to let letter by Newcastle Building Society will we be forced to switch to buy to let mortgage? Our mortgage is with Newcastle Building Society and as houses are not currently selling but we have seen one we like we were considering letting our home out in order to buy the new and sell this one if the market picks up.
- My wife and I are planning to ask Newcastle Building Society for consent to let out our property in Camden. We are relocating overseas for 3 years and would like to to rent out the property. I failed to look into this when we got the Newcastle Building Society mortgage, and that was due to the fact that we never anticipated an opportunity like this would come up so was planning on being in the house.
- I would like some guidance on how best to approach my mortgage company Newcastle Building Society regarding a 'Consent-to-Let' application. Is this something you can offer guidance on ?
- Please could you shed light what the procedure would be if we bought a new house and need to apply for consent to let for our existing mortgage with Newcastle Building Society
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider 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
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
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 terms are not adhered to you may be in violation 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.
If you do not keep up the payments on your mortgage with Newcastle Building Society your property may be repossessed