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.
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.
My wife and I have a Nationwide Building Society home loan and are never missed a loan payment, both employed etc. Do you know how much the fees are and if Nationwide Building Society usually grant consent to let without porting the loan to a commercial rate?
Having endured living in a rough area for 3 years now, we are keen to relocate. As selling the flat will result in redemption penalties to Nationwide Building Society of £5000, we considered that it would best to rent it out. In the circumstances we need consent to let from Nationwide Building Society only a year. What can I do to get consent?
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.
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 standard 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
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 your covenants under the lease. This could potentially result in the freeholder commencing forfeiture proceedings.
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.