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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.
Questions and Answers: Nottingham Building Society consent to let
- If I decided to rent out my three bedroom first floor purpose built maisonette with consent to let with Nottingham Building Society, what evidence would be required of tenancy? If after 1 year I decided to let it on a series of holiday term rental, do I still need to supply evidence to Nottingham Building Society, or will they leave me alone as long as i keep up with the payments? E.G. if I sublet the room separately at a later stage, is there any reason for Nottingham Building Society to be informed and would they take issue?
- What is the process for obtaining consent to let from Nottingham Building Society? What information do they ask for? is there a fee to pay? How long the consent is valid for? Do I need to renew it annually? What if I obtain a consent but decide not to lease out the property?
- I'm looking to apply to Nottingham Building Society for consent to let on my current residential property in Hounslow. I am looking to release equity from my existing house ahead of this, and using that money to purchase a further home. I will live in that house whilst renovating it for six months at which point I plan to sell it then move back to my current house. Is this something Nottingham Building Society will consider consent to let for or does this fall outside the standard criteria?
- Just wondering whether Nottingham Building Society conduct any checks when applying for a resi mortgage, I'm preferably looking to rent the property out and am unsure as to whether I should apply for consent to let. How likely are they to find out if I lease the place out?
- I will have to move to NYC for a couple of years, I have a house with a Nottingham Building Society mortgage. Do I need to obtain consent to let? Will they be obliging?
- I am looking to Nottingham Building Society to issue me with consent to let out my flat in Bromley. I am moving to India for 6 months for work.
- My partner is in the process of placing an offer on a new property in Tower Hamlets and is on to a good deal as it requires some work done. We want to rent our current property for 2 years and come back to live. Is there anything in the Terms and Conditions of my Nottingham Building Society mortgage allowing me to lease it out or do I require specific consent to let?
- Do you know whether Nottingham Building Society will accept rental income on consent to let for affordability purposes or does it need to be on a buy to let ? Would Nottingham Building Society let me raise capital based on the rental income ?
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Information to consider in supplemental the above Nottingham Building Society consent to let information
Tax and Legal
There are numerous potential 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform 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.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society