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.
Sample questions relating to Nationwide Building Society consent to let
- I have a Nationwide Building Society home loan and am keen for consent to let as I would like to move to another flat that I own. It would appear that may be able to help. How do your fees work for this service?
- Do you know if an ERC would be categorised as an allowable expense to be offset against tax for a BTL property? About twelve months ago I was thinking of applying for consent to let from Nationwide Building Society on my flat but I ended up switching lender to get a BTL mortgage. I had to pay an early redemption penalty as I was still in a fixed rate period.
- Me and my husband just completed on a flat in MIddlesbrough and will be moving to Amersham at the end of February. I have a letting agency and tenant lined up. I was planning to keep quiet as I'm afraid Nationwide Building Society will insist that I change my mortgage rate over to a buy to let which is not financially feasible. I appreciate that it would be preferable to seek a consent to let via Nationwide Building Society but am afraid if I open Pandora's box it would lead to no end of problems
- We took a loan out on a studio flat last July however I will be working outside of commuting distance of Islington for the foreseeable future but hope to find work closer in the long term. Given that I recently acquired the property I will lose money if I sell and do hope to return to Islington so would like to keep it. How difficult is it to get consent to let from Nationwide Building Society and what are the financial implications ?
- My husband and I wish to let out my home. Do I simply mail a letter to Nationwide Building Society requesting consent to let out the property?
- I was just looking into consent to let as it's something potentially I would need from Nationwide Building Society within the next 12 months. Our family circumstances has changed, and I would like to let my home out
- Last month I bought a house with 10% deposit for personal uses. A mortgage was taken with Nationwide Building Society. However my circumstances have now changed. I am being transferred abroad. Am I able to get consent to let from Nationwide Building Society and put the property up to let?
- I currently have a residential mortgage with Nationwide Building Society and plan on letting due to work being based in Luton. In seeking consent to let from Nationwide Building Society do I run the risk of them forcing me to change deal to B2L
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supporting the above Nationwide 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 notify them could 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 lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting to inform your co-owner of your intention to let could result in them taking legal action 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 Nationwide Building Society