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
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Soon to be packing up as my partner and I intend to relocate to Floridain Month, perhaps short-term but potentially longer term. I'm in the process of writing to Newcastle Building Society for consent to let out my property (we have already found tenants). I have had a mortgage with Newcastle Building Society for 6 years and the account is up to date with no current arrears. Newcastle Building Society tell me, that even if they give permission, that this will be limited for 12 months. After the year is up what happens next?
- In what situations will consent to let for a property be issued by Newcastle Building Society? For what period of time do you have to have had the mortgage before consent to let can be negotiated with Newcastle Building Society? In order to give you some perspective I am a young dentist in an apartment bought last July. My dream job offer necessitating moving to Islington on a permanent basis has presented itself. I would be looking at obtaining consent to let in the first instance to be able to renting the property out to cover the expense of the Newcastle Building Society mortgage.
- I need to switch my residential mortgage with Newcastle Building Society to a consent to let and looking for some guidance... I acquired my first home in Edgware in 2010. After a new job opportunity I moved to Belfast, and three months ago got a residential joint-mortgage with my boyfriend. I am inclined to stay with Newcastle Building Society and seek consent to let rather than attempt to apply for a new mortgage elsewhere, but if Newcastle Building Society refuse what lenders should I approach.
- I let my flat six months ago and didn't tell Newcastle Building Society. I have a five year residential mortgage (significant equity in it, never defaulted) and want to let Newcastle Building Society know and get consent to let for the final 24 months of my mortgage . I am unsure what to do.
- I don't currently have consent to let by Newcastle Building Society but I would like to apply, I am looking at working away for eighteen months. But want to keep my house for when I come back - are you able to help?
- I are thinking about applying to Newcastle Building Society to obtain consent to let our home, how long does it take from the point of sending the forms to us finding a letting agent and listing our house for rent? and are there any other steps in the process?
- We took out a mortgage with Newcastle Building Society a few months ago and although it's only a possibility we may have to relocate around next September or October and would like to be able to lease our house out. Is this possible with a homeowner mortgage?
- Please could you confirm what the procedure would be if we purchased a second property 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.
Important warnings to consider in further to 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
If your property is leasehold, the provisions in the lease may prevent 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them taking legal action 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