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
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Will Nationwide Building Society choose to operate a right to change the rates on a non-commercial mortgage where the lender has granted Consent to Let at any time, onto ‘rates in line with their Buy to Let loans'?
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Nationwide Building Society have just granted me consent to let. After some effort, Nationwide Building Society have issued me with ‘consent to let’ confirmation . The conditions attached to the consent refer to an assured shorthold tenancy. What is that?
- In a situation where a landlord chooses to lease 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 for the landlord?
- My partner phoned Nationwide Building Society on Wednesday concerning consent to let. We are awaiting a call back. We have put an offer in on a ground floor flat that has been accepted in principle so would like to know how likely it is that we will obtain consent to let by Nationwide Building Society?
- I have Nationwide Building Society mortgage and am thinking of letting the property. I am lead to believe that I would need a consent to let to do this...is that correct ?
- My wife and I want to move home and have found a property we wish to purchase so are considering letting out with consent to let from Nationwide Building Society for our existing property to allow us to make an offer and not lose the potential new house.
- My wife and I are considering applying to Nationwide Building Society to obtain consent to let our house, how long does it take between submitting the application to us finding a letting agent and listing our house for rent? and are there any further steps in the process?
- Me and my husband may want to lease our home temporarily due to a new job. This will be for a limited period but perhaps for twoyears. Should I tell Nationwide Building Society or it is wise to keep quiet?
Find out more about how flying freeholds can affect the marketability of a property.
Caveats to be read in further to 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
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 conditions are not complied with you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Neglecting 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