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
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My wife and I may need to lease our Barnet home temporarily due to me taking a sabbatical. This will be for a limited period but possibly for as long as three years. Do I inform Nationwide Building Society or do I remain silent?
- I have been foolish in failing to inform Nationwide Building Society that I’m renting my garden flat out. My most recent tenants have left the place in a state and I need to claim on malicious damage. I’m afraid that my insurer will contact Nationwide Building Society, and secondly if they do inform them, what are they likely to do given the lack of consent to let?
- Your view would be appreciated as to whether consent to let from Nationwide Building Society is the correct strategy for me. I purchased my property nine months ago by porting a Nationwide Building Society mortgage product. My fixed term finished 4 months ago I'm weighing up moving in with a new partner. I would prefer not to sell my property yet as I'm unsure of whether the new move will work out. Would it be likely that Nationwide Building Society would grant a consent to let based on me letting out my property on a an AST for 1-2 years and then I either commit to a buy to let product or sell it?
- Earlier this week I received a decision in principle from Nationwide Building Society for a mid terraced house. I have applied through Right to Buy. It is a capital and interest mortgage. I am curious as to what is the main criteria Nationwide Building Society adopt in order to grant customers consent to let? Is consent to let based on the rental amount for a property?
- How likely is it that I can keep my current homeowner mortgage with Nationwide Building Society if I start renting out? If the consent to let is granted will they tie me into an increased rate?
- In the event that I was successful in obtaining consent to let from Nationwide Building Society, could I sell during the consent period? Is it possible that I would incur any penalties?
- I am intending on relocating within the next 7 months and want to let my property out. My current rate is fixed with Nationwide Building Society. I am concerned that a 1% increase would be too much if that was a condition of receiving consent to let
- I have a mortgage with Nationwide Building Society. I am considering moving out and letting out my apartment. Do I need a consent to let ?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in supporting 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
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 may result in 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
If your property is leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could potentially result in 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 record their consent in writing.
If you do not keep up the payments on your mortgage with Nationwide Building Society your property may be repossessed