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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.
Common questions relating to Nottingham Building Society consent to lease
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We've been renting my wife's old house out with "consent to let" from Nottingham Building Society on a residential mortgage for the past two years. Nottingham Building Society have put forward an ultimatum retracting their consent to let unless we move across to one of their "buy to let" products.
- I have a Nottingham Building Society mortgage and have been letting out my apartment without consent to let, which I am now led to believe means I am in breach of my mortgage conditions. I fear that they have found out that I am not residing there. What negotiating options are available if I fail to sell it in time before they become aware I have breached my Ts and C’s?
- I have an offer accepted to buy a house, we have a deposit of between 10-15% for a homeowner mortgage with Nottingham Building Society. The one concern is we are due to go overseas in three months for work. We are going through our mortgage broker. She says if you tell this to Nottingham Building Society up front we will need to get a buy to let. Do go ahead with residential mortgage with Nottingham Building Society, shortly thereafter ask them if we can have consent to let? Otherwise, do we try and contact Nottingham Building Society now and say there is a chance we will move abroad in the future (nothing is definite regarding the move abroad) and see if they confirm in advance that it should not be a problem
- Yesterday got a MIP from Nottingham Building Society for a three bedroom house. I have applied via a broker. It is a capital and interest mortgage. I am curious as to what is the main criteria Nottingham Building Society adopt in order to allow customers consent to let? Is consent to let based on the rental multiple on a property?
- Our Nottingham Building Society mortgage is coming up for renewal. We would like to apply for a new residential mortgage and then seek consent-to-let. Is this possible? We don't use the house much now that our kids are growing up, and would be better used as a rental.
- Please could you clarify what the procedure would be if we move to a new property and need to get consent to let for our existing mortgage with Nottingham Building Society
- What, if any, income requirements do Nottingham Building Society set for consent to let on an existing domestic mortgage?
- Can you tell me how much the fees are and if Nottingham Building Society usually issue consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with the above Nottingham Building Society consent to let Questions and Answers
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
Where 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 invalid. 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
Should the tenure of your property be 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
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings 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