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.
Examples of recent questions relating to Nationwide Building Society consent to let
- My brother and I are joint proprietors of a flat in Lewisham with a Nationwide Building Society mortgage. I am looking to vacate and purchase a house with my fiancee. How should I deal with renting out my room? Do I require consent to let from Nationwide Building Society. My brother will continue to live in the property
- Where a property owner chooses to let out their property in the absence of consent to let via Nationwide Building Society - what, if any implication might there be for an agent acting on their behalf?
- Last December I moved out my property in a rush and let out the property. I am aware I should have gained consent to let via Nationwide Building Society but was uncertain as to what my plans were and I simply forgot about it. I'm now in the position where I need to sell that house and port the Nationwide Building Society home loan to a new property. I can't see a path to do this without finding myself at the mercy of Nationwide Building Society for not obtaining consent to let. When porting, at the time of completion of the sale, you must say you intend to "port the rate" and endure fresh set of affordability checks. Although I do not foresee difficulties with my financial standing, the credit check will reveal I no longer resident at the address.
- Twelve years ago I was given consent by the local authority and my lender Nationwide Building Society to convert a small barn into a granny annex, conditional on it not being disposed of separately from the main house. My parents passed away some years ago and I would now like to lease it out with consent to let from Nationwide Building Society. Do you think this will be possible?
- We have a mortgage with Nationwide Building Society on our garden flat in Croydon. We are planning to buy a new house and move in there. How do I move my current mortgage on to consent to let?
- My wife and I would like to obtain consent to let on a house where we have a mortgage with Nationwide Building Society. If issued, how long would consent be given for? In asking for consent to let from Nationwide Building Society are we running the risk of them forcing us to change deal to buy to let
- I was wondering if you could assist. I require consent to let from Nationwide Building Society and was wondering if this option is available to me to move to as I need to move back home to look after my mum
- I would like to get consent to let from Nationwide Building Society for a couple of years at which point I can transfer to a BTL. Is this feasible
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in further to the above Nationwide 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
Omitting to inform your insurance company of your intention to let could invalidate your insurance or leave you under-insured.This means that you could be personally liable for any claim made against you. 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 restrictions are not strictly observed you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise 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 Nationwide Building Society