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.
Common questions relating to Nationwide Building Society consent to lease
- We intend to lease out our flat in Greenwich which is on a standard residential mortgage with Nationwide Building Society . Obviously I will seek a consent to let. If there is a fee for the consent to let can this amount also be claimed as an allowable cost on my tax return to the tax authority?
- My brother and his girlfriend currently lodge with me at my two bedroom maisonette. Next Summer I would like to move out of the flat and in with my partner. How likely is it that I will be able to get consent to let from Nationwide Building Society after only having the mortgage for nine months?
- Meeting with my financial adviser on tomorrow. I am going to seek Consent to Let from my current lender Nationwide Building Society. My new property in Southwark will be 75% LTV. Heard whispers that some lenders still dont accept consent to let borrowers and I may encounter difficulties regarding my new mortgage. Is there any truth in this?
- I have a first time buyer mortgage on a one bedroom apartment in Barnet but have rented it out without letting Nationwide Building Society know this. I now require a consent to let letter. How can I get one?
- I'm currently have a Nationwide Building Society mortgage and want to apply for it a consent to let, what do I need to do?
- We want to move home and have found a property we wish to purchase so are considering renting out with consent to let from Nationwide Building Society for our current property to allow us to place an offer and not lose the potential new property.
- We took out a mortgage with Nationwide Building Society a few months ago and although it's still early days we may have to relocate around next July or August and would like to be able to rent our property out. Would this be possible with a homeowner mortgage?
- Please could you shed light what the procedure would be if we move to a new home and need to apply for consent to let for our existing mortgage with Nationwide Building Society
Find out more about how flying freeholds can affect the marketability of a property.
General Advice to read in in addition to the above Nationwide Building Society consent to let information
Tax and Legal
There are numerous potential 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
Should the tenure of your property be 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 violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to advise 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