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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.
Nationwide Building Society consent to let: Q and A’s
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Me and my husband have a Nationwide Building Society mortgage and are are up to date with payments, both employed etc. Can you tell me how much it will cost and if Nationwide Building Society are likely to give us consent to let without transferring to a commercial rate?
- I am planning to write to my lender Nationwide Building Society justifying the following reasoning for me asking for consent to let ; "I am struggling with the mortgage and wish to move to a smaller place but can't sell. I wish to avoid defaulting on the mortgage and have thought about returning the keys. If I had consent to let this will likely solve things." What are the chances that this will result in a positive response?
- I want to let my current property and want to purchase a bigger house for the family. I have a two year fixed mortgage with Nationwide Building Society. Provided I get the consent to let as I understand banks are more than likely to push me towards getting BTL mortgage when the fixed term is finished. Could I refinance after two years with an alternative lender? Will it have to be buy to let mortgage and not a homeowner mortgage?
- My husband and I are looking to lease out our garden flat in Redbridge in the new year. I would like some suggestions on what I need to do. I've just moved our Nationwide Building Society mortgage to a fixed term and just need to understand the process and what information I'll need to get consent to let.
- Wewould like to let the family home and buy other. Can Nationwide Building Society refuse to grant me consent to let?
- I am looking to Nationwide Building Society to grant consent to let out my flat in Hillingdon. I am moving to care for my mother who has severe complex heart failure
- I have a residential mortgage with Nationwide Building Society, and I would like to lease the house out, until I decide whether to sell or retain it as an investment. At the moment I am on the fixed rate. Will I need to move onto a new mortgage? I.E. buy to let?
- I have a house in Hackney. I would like remortgage with Nationwide Building Society and either change to buy to let or consent to let. I'm still inside the Early Redemption Charge period so not sure if it would trigger the penalty payment?
Find out more about how flying freeholds can affect the marketability of a property.
Important warnings to consider in conjunction with 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 regular 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
If your property is leasehold, the lease may prohibit 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 breach 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