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.
Examples of recent questions relating to Nottingham Building Society consent to let
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Me and my husband have a Nottingham Building Society mortgage and are are up to date with payments, in gainful employment etc. Can you tell me how much it will cost and if Nottingham Building Society are likely to give us consent to let without transferring to a new mortgage product?
- I am looking to move home and I am enquiring if I can get consent to let on my property then get a mortgage approval for the new house so I can effectively bid thus being chain free and then lease my property out once I move. Is it likely that Nottingham Building Society grant consent to let for a year if they know I am wanting to buy somewhere else or only if I am relocating short term for my job?
- I understand that this is a breach of Nottingham Building Society mortgage policy if I rent out my property having informed that I intend to reside there. The intention is to repay the home loan after five years, by which time I will become the outright owner, meaning I no longer require any consent to let. Nottingham Building Society advised me I can overpay as little as I like during the lifetime of the mortgage. I know someone who wants to rent the property. What checks do Nottingham Building Society do and what are the chances that they are likely to do this? Can you set out implications of not seeking consent to let? From what I have read there is a possibility of Nottingham Building Society changing the loan onto a BTL mortgage
- In 2001 I was granted consent by the local authority and my lender Nottingham Building Society to convert a small barn into a granny annex, conditional on it not being sold separately from my property. My parents passed away some years ago and I would now like to let it out with consent to let from Nottingham Building Society. Do you think this can be obtained?
- If I were to apply for consent to let from Nottingham Building Society how long will it take to hear back?
- Are you able to shed light what the process would be if we bought a second house and need to obtain consent to let for our existing mortgage with Nottingham Building Society
- Not sure if you can help What do we need to do to get consent to let from Nottingham Building Society? And what are the charges?
- Me and my husband want to consider the option of letting out my home with consent to let from Nottingham Building Society whist away travelling for a few months
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in in addition 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 inform them could 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 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 restrictions are not strictly observed 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.
If you do not keep up the payments on your mortgage with Nottingham Building Society your property may be repossessed