Need Help?
Need professional advice for your consent to let with Nationwide Building Society? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Nationwide Building Society Consent to Lease Example Support Desk Enquires
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Always on the look out for a money making scheme I am contemplating leasing out my cottage and make money from it while I am on holiday. It only a short term measure for a fortnight. Is advanced consent to let from Nationwide Building Society required?
- I have been foolish in failing to notify Nationwide Building Society that I’m renting my three bedroom ground floor purpose built maisonette out. My most recent tenants have left the place in a state and I need to claim on malicious damage. I’m concerned that my insurer will contact Nationwide Building Society, and secondly if they do inform them, what are they likely to do given the absence of consent to let?
- My husband is in the army and he has been posted overseas we would like to get something called 'Consent to let' from our lender Nationwide Building Society. Can you help me?
- I purchased a maisonette in Redbridge eight months ago and have a two year fixed rate mortgage with Nationwide Building Society. Looking to move in with my partner imminently and would like to lease out my property. Would like to be better informed as to the process.
- The prevailing mortgage is with Nationwide Building Society, but I am going to move out for about a year as we need to be closer to my wife’s mum and dad. Will Nationwide Building Society grant consent to let?
- I am just finding out some information at this stage. My boyfriend has asked me to move in with him and I have been trying to sell the flat but have had no luck whatsoever despite several decreases in price. So now I want to know what I would need to do to get consent to let from Nationwide Building Society
- If I have an existing standard mortgage with Nationwide Building Society and am planning to rent it out in the future will I be granted consent to let? What is the procedure and charges involved?
- I would like to let my flat for two years max. I would like to know if I could have a consent to let by my existing mortgage lender Nationwide Building Society?
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in conjunction with the above Nationwide Building Society consent to let Advice
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 Nationwide 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
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 terms are not adhered to you may be in breach of 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 commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed