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
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Due to problems with the area we live in (it's rough!), we are now looking to move. As selling the flat will trigger a hefty redemption penalties to Nottingham Building Society of £3500, we considered that it would best to rent it out. So, we need to obtain a consent to lease from Nottingham Building Society only 12 months. What can I do to get consent?
- I would like to move and let out my ground floor flat in Bromley. Having bought it in June 2009 and presently on a 85% ltv there is little equity in it. My mortgage is with Nottingham Building Society. Do you know where Nottingham Building Society stand when it comes to consent to let?
- I have an existing mortgage with Nottingham Building Society. Where do I download the consent to let application forms from, as we are already leasing out the flat?
- A colleague recently asked for CTL from the Woolwich which they declined as the mortgage had not been in place for six months. I am about to request consent to let from Nottingham Building Society. Will they have the same rule?
- How much of my loan allowance will be made available to borrow if I change my mortgage to a consent to let with Nottingham Building Society?
- I would like to be informed of the criteria and requirements in place to switch my Nottingham Building Society mortgage to a consent to let?
- I am currently remortgaging and exploring the flexibility of certain mortgage providers when it comes to consent to let. Nottingham Building Society is one of the mortgage companies I am considering. How accommodating are they when it comes to consent to let?
- Do you know whether there a time limit on a consent to let from Nottingham Building Society? and do you need to get a new mortgage first or a general residential mortgage can just be changed to a consent to let after application?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in further to the above Nottingham Building Society consent to let Advice
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
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
Should the tenure of your property be 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 breach of your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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