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.
Sample questions relating to Nottingham Building Society consent to let
- I am with Nottingham Building Society and just had to ask for consent to let, but it would be useful to know if they impose any stipulations on the level of rental yield?
- I would like to see if I can get consent to let on my current home. I have a mortgage with Nottingham Building Society but my circumstances have changed. I'm about to move in with my partner and son who have a house and is larger than my studio flat. I doubt I will qualify for a buy to let loan as I don't have the funds for a deposit nor do I earn in excess of £25000 a year.
- Me and my husband may be presented with an opportunity to work in a different office in the UK for a few months and would like to know if we can rent our current apartment. It is a 2 year fixed rate and we are six months into the mortgage with Nottingham Building Society. We have lived at the property for nearly five years. The LTV is 65%. Are we likely to get consent to let from Nottingham Building Society? What charges can we expect to pay etc
- My husband is in the army and he has been posted overseas and as we want to move as a family we need 'Consent to let' from our lender Nottingham Building Society. Can you help me?
- If I let my house out with consent to let from Nottingham Building Society will there be any rate difference? I am currently on a fixed rate for three years.
- We are about to change mortgage provider to Nottingham Building Society for a fixed rate but during this period would need to rent the property out for just under 12 months. Do Nottingham Building Society consent to let on fixed rate home loans and if so, what are the procedures.
- Me and my brother have had my mortgage with Nottingham Building Society for eleven years and always made payments If I sought consent to let would I get a positive response?
- Is there leeway in the accepted equity amount before transferring from a current Nottingham Building Society mortgage to a consent to let?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Nottingham 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
If you hold buildings and contents insurance on your property you should review it to make sure it continues to provide the cover you need. It is also important that you update your insurance provider of your change in circumstance, as failure to notify them may trigger your insurance becoming null and void. 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 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 violation of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform 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 Nottingham Building Society