Need Help?
Need professional advice for your consent to let with Nottingham 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 Nottingham Building Society consent to lease
- I have a mortgage with Nottingham Building Society. I wanted to buy a further house and my financial adviser advised me to apply for a consent to let. As far as I am aware they only accept the consent to let if I have the intention to move back into my current property. Is this right?
- I have a mortgage with Nottingham Building Society on a property and I am intending to find a tenant for it out and rent an alternative property as a result of changes in personal circumstances - I want to move to a new location, and to live in a bigger property with my partner. I sought consent to let and recently got a response refusing as they determined that I want to invest. I dont know what to do now. I find myself at risk since I already have rented a new house and am faced with paying both the Nottingham Building Society mortgage and rent, which could expose me financially. The matter needs to be resolved soon as a prospective tenant at the ready
- We are first-time buyers, currently renting. We would ideally like to buy a one bed flat in Wandsworth. We want to move there, but will need to wait for a job - perhaps 2-3 years. Would we need to seek a B2L mortgage? Could we take a residential mortgage with Nottingham Building Society, even though we won't be moving in straight away? Alternatively could we live there for half a year, then start renting it with consent to let from Nottingham Building Society? I'm only willing to consider scenarios that are fully legal, and wouldn't breach the provisions of the Nottingham Building Society mortgage.
- Last month I received consent to let on a owner-occupier homeloan with Nottingham Building Society with aim of changing to a BTL rate when the fixed rate expires in a few months' time, so I'm not sure if this complications to the issue! Any information gladly appreciated.
- I'm gathering some information on whether consent to let is something available to me? We have a Nottingham Building Society mortgage and are thinking of leasing the place out for a couple of years, but cannot really afford to change to a buy to let rate. The estate agent mentioned something about a content to let
- I am considering relocating with work and would need to rent my property out. I have a mortgage with Nottingham Building Society. My property is worth approx £200k and owe £57k on it. Do you think Nottingham Building Society increase my interest rate?
- Is there a fixed or maximum term how long I could let my home out to a family member with consent to let from Nottingham Building Society. I no longer want to live in the area and want to buy a new home?
- We need to contact Nottingham Building Society to enquire about letting out my apartment. Will they post a form to me. Can I not download this from the site?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting the above Nottingham 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
If your property is 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 violation of your covenants under 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 taking legal action 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 Nottingham Building Society