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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.
Top Five Questions relating to Nottingham Building Society consent to lease
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Are any options available to me if my application for consent to let is turned down by Nottingham Building Society?
- In what circumstances will consent to let for a property be given by Nottingham Building Society? How long do you have to have had owned the property before consent to let can be obtained from Nottingham Building Society? By way of background:We were living in a very small 1 bedroom flat which is too small for our family, my wife is also unwell and we are far away from family who could provide a bit of relief, in the form of babysitting. I would be looking at securing consent to let initially in order to put a tenant in it to offset the costs of the Nottingham Building Society mortgage.
- I am buying a three bed flat in Waltham Forest. I am only looking to live there for 6 months, and then move into a bigger home. Rather than sell the prior home I would like to let it out so that it becomes an investment. Do you know if Nottingham Building Society would grant consent to let in such a scenario?
- My fiance and I might have to rent out her flat, and I have a question regarding getting authority to do so. I know I need to notify Nottingham Building Society and get a consent to let or change to a buy to let mortgage. Given that the property is leasehold do we need consent to let from the residents association?
- I am seeking consent to let for my property as I am moving out for four months currently fixed Nottingham Building Society mortgage with two years which is up on May next year.
- I am looking for some generic information on consent to let. I currently have a mortgage in place with Nottingham Building Society. I have had licence to temporarily rent out my GFF from the managing agents and they asked if I have consent to from Nottingham Building Society.
- I am looking to get consent to let with my Nottingham Building Society residential mortgage. It is a mid terraced house. Do Nottingham Building Society grant consent on this basis? Or would it be regarded as an HMO?
- I have a mortgage with Nottingham Building Society. I am considering moving out and renting out my house. Am I required to obtain consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in supplemental 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
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 inform them may result in 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 obtain the consent of the freeholder. If such terms are not adhered to 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