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
- Next month I will be emigrating to Australia. As opposed to sell my house, I would like to let it out, just in case things don’t pan out. My present mortgage is with Nationwide Building Society. If I applied for a refinance would a new provider see this as me seeking to dodge a Buy To Let mortgage, of which there is very little availability for 80% LTV, and therefore reject my application for Consent to Let?
- I would like to explore if I can obtain consent to let on my current flat. I have a mortgage with Nationwide Building Society but my circumstances have changed. I'm about to move in with my partner and daughter who have a house and more room than my 1 bed apartment. I doubt I will qualify for a buy to let mortgage as I don't have the funds for a deposit nor do I earn more than £25000 per annum.
- I found tenants for my property in the summer and didn't tell Nationwide Building Society. I have a three year domestic mortgage (large amount of equity in it, no arrears) and want to let Nationwide Building Society know and get consent to let for the remaining two years of my mortgage . I am unsure how to go about this.
- I applied for consent but I did not get it as I did a remortgage in May but Woolwich does not give consent if mortgage is less than 6 months old. Now I am worried when 6 months is gone are they going to find some additional criteria that will not be ok. As a backup plan I can remortgage with Nationwide Building Society but will they give me consent straight away?
- My OH and I are planning to ask Nationwide Building Society for consent to let out our house in Southwark. We are moving overseas for 3 years and would like to to rent out the property. I didn't check this out when we got the Nationwide Building Society mortgage, and that was due to the fact that we never foresaw an opportunity like this would come up so was planning on living in the property.
- Please can you tell me the circumstances under which Nationwide Building Society would turn down a consent to let application?
- Are you aware of any discretion in the accepted equity ration before switching from an existing Nationwide Building Society mortgage to a consent to let?
- I might be looking to rent out my property and wondered what I would need to do to get consent to let by Nationwide Building Society. I may be moving abroad for nine months.
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Information to consider in further to 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 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
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 terms are not adhered to you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Failure 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