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.
Nationwide Building Society consent to let: Q and A’s
-
Can a new mortgage be taken on a consent to let with Nationwide Building Society?
- I have a studio flat in Barnet let out which has a 62 year lease. Mortgage adviser suggested I should remortgage (currently with Nationwide Building Society) as a buy to let instead of consent to let and release 45-55k which on top of a new mortgage based on my income would give me a budget of £210k. Not much about in Haringey for me to buy my own house. To extend the lease will be in region of 19k. Should I keep or sell the flat?
- I am on a two year fixed rate mortgage with Nationwide Building Society which began in January. I will be moving out in January and have tenants ready to rent my property. I need to get a letter from Nationwide Building Society granting consent to let until my term is up to allow me time to move onto a BTL. What is the process for going about this?
- My husband and I are soon to send the final information to our broker for them to move forward with our mortgage application to purchase our first home together. My husband has another flat in 2001 which he co-owns with his brother. That flat has been rented out in the absence of consent to let from Nationwide Building Society. Fast forward to our application - our broker is seeking info on the Nationwide Building Society mortgage. If we come clean that there is no consent to let by Nationwide Building Society will it materially impact the chances of getting a mortgage?
- I am seeking from Nationwide Building Society consent to let out my flat in Wandsworth. I am going to move in with my mother as I am off work due to ill health.
- I am endeavouring to find out which mortgage providers are best for giving consent-to-let without raising rates, and hopefully permitting more than two years if necessary. Is that something you can help with? We are particularly interested in Nationwide Building Society
- I am trying to find out if it is possible to get a consent to let home loan with Nationwide Building Society rather than a buy to let mortgage
- I currently have a residential mortgage with Nationwide Building Society and plan on letting due to work being based in Manchester. In asking for consent to let from Nationwide Building Society do I run the risk of them forcing me to change deal to buy to let
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider 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
Should the tenure of your property be leasehold, the lease may prohibit you from letting or require that you obtain the consent of the freeholder. If such restrictions are not strictly observed you may be in violation of the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
Co-ownership
Omitting to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Nationwide Building Society