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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.
Frequently asked questions relating to Nationwide Building Society consent to lease
- I have a home loan with Nationwide Building Society on a flat and I am intending to find a tenant for it out and rent another house as a result of changes in personal circumstances - I want to move to a new location, and to live in a larger property with my fiance. I applied for consent to let and recently got reply with a refusal because they felt I want to invest. I as at a loss as to what my options are. I am now at risk since I am already committed to the new home and am faced with paying both Nationwide Building Society and rent, which could put me in financial risk. The matter needs to be resolved soon as a potential tenant is waiting
- I want to explore if I can obtain consent to let on my current apartment. I have a mortgage with Nationwide Building Society but my circumstances have changed. I'm looking to move in with my partner and son who have a house and more room than my studio apartment. I am unlikely to qualify for a buy to let loan as I don't have money for a deposit nor do I earn more than £25000 per annum.
- My fixed deal runs out early 2017 and I wish to fix for another 4 years with Nationwide Building Society, with any luck rates will still be low. In in next couple of years I may want to move temporarily to a different county. How difficult is it to get consent to let from Nationwide Building Society in this situation? I would be coming back after two years to live in my property.
- We have a fixed mortgage with Nationwide Building Society (with just under two years remaining) but due to redundancy want to move away from Essex (actually to a new job in Holland) and so wish to lease the property out. We don't want to have the expense of the penalty cancellation of existing mortgage and understand that some lenders are content to issue this 'consent'...what is the approach adopted by Nationwide Building Society?
- My husband and I have already been told to write a letter to Nationwide Building Society to obtain consent to let, I'm just trying to find some guidelines on the letter? What I should or shouldn't include?
- Evening? I am just enquiring whether Nationwide Building Society offer consent to let as an option should I decided to lease out my home under a homeowner mortgage. Is there a specific rule for right to buy property and consent to let?
- I have had my mortgage with Nationwide Building Society for the previous eighteen months and I am at present just wanting some insight as to whether gaining a consent to let is likely.
- I was just wondering how to get consent to let from Nationwide Building Society...do I phone them or apply formally in writing to them?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in supplemental the above Nationwide Building Society consent to let Questions and Answers
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
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
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 the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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