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.
Nottingham Building Society Consent to Lease Example Support Desk Enquires
- I have a colleague who is talking about leasing their property out and moving in with partner. The property is in Harrow and has a £95k home loan with Nottingham Building Society. What would she need to do to get consent to let if she decides to do this.
- What information do Nottingham Building Society require to have to make a decision on consent to let. I am on a five year fix with them. I have never been in arrears. I am planning a move to Islington due to the family getting bigger. My financial situation has not changed and in fact my salary has gone up 15% since I applied for the mortgage out.
- My property has had a mortgage against it with Nottingham Building Society from 2010. Fast forward and I have got married and live in my husband’s home. At the moment the property is empty and have a choice to sell or let it out. Obviously this will not be a short term proposition as the prospect of moving back is unlikely. What should I advise Nottingham Building Society with a view to obtaining consent to let?
- I purchased my one bedroom apartment in Barnet one year ago and have a three year fixed rate mortgage with Nottingham Building Society. Looking to move in with my boyfriend next month and would like to lease out my property. Just want to know the process.
- I have split up with my ex and we have each moved into our parents house and intend to divorce. What do I have to do to get Nottingham Building Society to give consent to let our house out to students?
- We are looking to place my residential property on rent due to work commitments and was enquiring if this is possible to get consent to let. It is on a fixed rate mortgage with Nottingham Building Society until 2018 December
- Do you know whether Nottingham Building Society will accept rental income on consent to let for affordability purposes or does it need to be BTL ? Would Nottingham Building Society let me raise capital based on the rental revenue ?
- Do Nottingham Building Society offer consent to let? I am just considering this as an option if I move home in the the near future
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in supplemental the above Nottingham Building Society consent to let Info
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
One thing to remember when arranging a consent to let mortgage with Nottingham Building Society is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. 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 obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in breach of your covenants under the lease. This could trigger 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 obtain their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nottingham Building Society